Prices of agricultural products rise in 2023

The annual average prices increased in 2023 for all agricultural products except for cereals, said the Natural Resources Institute Finland (Luke) in a press release on Friday.

However, the price increases were clearly more moderate compared with the previous year.

The price development during the last ten years for livestock products, milk and meat, was quite steady until the year before last.

The prices remained nearly unchanged until 2022 and the annual price changes were very small in percentage terms, close to zero.

“However, the situation changed significantly in 2022. During the year, the prices of livestock products increased by more than 20 per cent. The prices continued to rise in 2023, although clearly more moderately, at a level of around ten per cent,” said Anu Koivisto, Senior Statistician of Luke.

The annual average prices of agricultural crop products, cereals and potatoes, have fluctuated clearly more strongly in the last ten years than those of livestock products.

The range of variation has been from minus 40 per cent to nearly plus 60 per cent, which can be considered very large changes.

“The price development was different for cereals. Their prices decreased last year by more than 20 per cent. This happened after a huge price increase that took place in the previous year, though, which explains why the price level for cereals in 2023 remained higher than in 2021,” Koivisto said.