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According to the AGRIndex, in May 2017, VEGETABLES (-8.11%) and DAIRY (-12.81%) product prices continued declining m/m trend, while MEAT (-0.37%) and FRUITS (-9.58%) became cheaper for the first time in the year. As a result, m/m AGRIndex equaled to -4.06% in the last month.
Highest increase: The GeoStat’s primary data shows that in 2016 compared to 2015, the domestic production of carrots and cabbage (including floral cabbage and broccoli) dropped, respectively, by 31% and 15%. Consequentially, these vegetables are in shortage on the market this year and, according to the AGRIndex, the m/m prices of carrots increased by 10% in May, while the prices of cabbage increased by more than half in the same month.
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In April 2017, DAIRY product prices were 12.5% higher compared to same period last year (April 2016), according to AGRIndex. Despite that, milk prices have been decreasing for the last three months, and were 9.9% lower in April 2017 than the corresponding figure in January 2017. The price of cheese followed the same trend — it dropped (even more) by 23.6%. On the other hand, if we look at the same period, butter prices stayed almost unchanged, while matsoni prices were on rise starting in March 2017.
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In April 2017, for the first time in the last nine-month period, agriculture products became cheaper, but the decrease in prices was marginal – m/m AGRIndex equaled -0.50%. However, on the sub-index level, FRUIT prices increased significantly at +18.63%, but decreases in VEGETABLES (-8.81%) and DAIRY (-7.12%) product prices offset the effect. The prices of MEAT products continued their latest trend and increased in m/m terms in April 2017, with a modest +2.64%.
Highest increase: Quince prices more than doubled in April 2017, but the main drivers of the increase in FRUIT prices were oranges and grapes – the harvest season for orange and grapes having past several months ago, while the demand for these fruits is high during the entire year.
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For the first time in more than two years’ period, meat prices display steady increase — month-to-month changes in prices have been positive for the last four months. These changes bounced back slowly declining meat prices to their earlier values, and in January 2017 year-to-year changes also become positive. Furthermore, in March 2017 year-to-year increase in meat prices reached +7.11%, while the change compared-to-base period was +6.97%. Interesting, that month-to-month changes in meat prices used to be modest for recent years (within 1% margin), while in the February and March of 2017 similar changes exceeded 2%.
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