Ukraine: Demand for sunflower oil in 2023 increased due to the rise in price of olive oil in Spain

After a slight reprieve, olive oil prices in Spain have reached new records, both at origin and in supermarkets. According to Infaoliva’s price observatory, extra virgin olive oil prices at origin hit record highs again in mid-January, reaching €8.988 per kilogram, a 68 percent increase compared to last year. Prices for virgin olive oil and lampante olive oil also rose to record highs. The dramatic increase comes after three months of price decreases at origin as the start of the harvest brought fresh batches of lampante, virgin and extra virgin olive oil to the market, somewhat alleviating the ongoing imbalance between supply and demand that has resulted in the historic price hikes. However, fears that Spanish olive oil production in the 2023/24 crop year may once again fail to exceed 700,000 tons – down from initial expectations of 765,362 tons – paired with a reluctance from consumers to turn away from the category and the moderate rainfall during the winter have resulted in ...