Spain: Crazy olive oil prices are almost over

This is one of the food products that has experienced the biggest surge in fever in recent years. According to INSEE, in three years, the price of olive oil has increased by 77%. So much so that today, on supermarket shelves, one-liter bottles are becoming rarer. Manufacturers have reduced the container to avoid displaying prices higher than 10 euros. But the reality is that a liter of extra virgin olive oil very often exceeds 13 euros. Good news, however: these crazy prices are soon over. In Spain, the world's leading producer, production prices reached their historic high last winter. And since then, according to data provided by the Spanish Ministry of Agriculture, they have fallen by almost 12%. Two consecutive harvests well below normal Be careful, prices in Spain, Greece and Italy are still significantly higher than the levels they were three years ago. This is not surprising. The same rule always applies in economics: if production falls while demand remains the same, ...