In January, the price of extra virgin olive oil in Italy remains high

Published 2024년 2월 7일

Tridge summary

The price of extra virgin olive oil in Italy remains high due to a prolonged drought affecting Mediterranean countries, particularly Spain, where water reserves are at a 22% low. The high prices are also due to scarce oil reserves and high export demand. The Spanish government has exempted olive oil from the current 5% VAT due to the high cost of living and increasing oil prices. Certified Origins, a leading company in olive oil production and distribution, anticipates a return to pre-crisis prices in the short to medium term, pending excellent production years.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

For the olive sector, the new year began by maintaining the market trends that characterized the end of 2023: the price of extra virgin olive oil in Italy, in fact, continues to remain high, marking peaks of 10.50 Eu/Kg for olive oils quality and suitable for export. This is what was revealed by the Certified Origins Observatory, one of the main producers and distributors of certified extra virgin olive oil (PGI and DOP), single-origin and blended oils, which offers a monthly overview of the main markets. In general, the Mediterranean producing countries are still deeply affected by the prolonged drought situation, especially in Spain, where in the Andalusia area water reserves are currently at 22%, lower than in 2023 when they were at 29%, and well above below the average levels of the last 10 years (51%). Prices remain generally high due to scarce oil reserves and the incessant demand from export markets, despite a slow contraction in domestic consumption in some Mediterranean ...

Source: Agricolae