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Hungarian farm gate prices drop 28.2% in January

Farm gate prices in Hungary fell 28.2% yr/yr in January, accelerating from a 22.6% fall in the preceding month, the Central Statistical Office (KSH) reported.

Crop prices dropped 38.6%, similar to the 38.0% decrease in December 2008. In January livestock prices also started to fall at a 3.5% rate after rising 1.7% at the end of last year.

Cereals prices suffered the biggest decline among all crops, dropping 50.7% after a 47.6% decrease in December 2008. With the new crop last year, a correction of high 2007 prices started in July 2008 with an accelerated decrease in cereal prices. Wheat market prices had returned in January to the level recorded two years before, KSH noted.

Potato prices dropped 26.3% and fruit prices fell 32.4%, while fresh vegetable prices were down 10.4%. Oil seed prices rose 8.9%.

The price decline in the livestock category resulted from a drop in poultry and milk prices and falling prices for animal products. Prices for live animals were still up 5.2% from a year earlier despite a 6.7% fall in poultry prices, as hog prices rose 16.8% and cattle prices went up 6.9%. Milk prices dropped 27.7% after a decline of 14.3% yr/yr in December 2008 and prices for animal products fell 19.1%. Egg prices rose 5.5% yr/yr in January, accelerating from a 2.9% increase in December 2008. (MTI – Econews)