Russia's invasion of Ukraine has significantly disturbed global agricultural markets by sharply driving up prices of key products and inputs such as fertilizer and animal feed, the European Union's statistics office said on Friday.
Eurostat data showed that the average price of goods and services currently consumed in agriculture increased by 9.5 per cent in the first quarter of 2022 compared with the last quarter of 2021, including a 21.2 per cent hike for fertilizers and soil improvers, 17.4 per cent for energy and lubricants and 9.2 per cent for animal feed.
Prices of agricultural output such as cereals, oilseed, cattle, poultry and milk jumped between 51.7 per cent and 21.4 per cent in the same period year-on-year, Eurostat added. The EU executive on Friday lowered its forecast for soft wheat production in the bloc in 2022/23 to well below last season's level but maintained its outlook for record exports.
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