High olive oil prices in Spain spur interest in Black Friday discounts

Published 2023년 11월 27일

Tridge summary

The high prices of olive oil in Spain due to two years of drought and other environmental disasters have led to changes in the lifestyle of locals, with olive oil no longer being readily available and needing to be specifically requested. Some supermarkets are even putting electronic tags on olive oil bottles to prevent theft. This increase in prices has also led to theft and fraudulent practices within the industry, such as diluting olive oil with lower quality oils or mislabeling products. Despite a temporary decrease in prices at the source, consumers are still facing elevated prices in stores.

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

Original content

Consumers flock to shops on Black Friday to take advantage of the best bargains on Christmas gifts or to upgrade their flatscreen televisions. This year, the anticipated discounts on extra virgin olive oil drove crowds to local supermarkets across Spain. Over the past year, olive oil prices have risen to historic levels in Spain, leaving consumers and producers alike concerned. The primary reason behind the increase can be attributed to two years of drought in Spain, which typically accounts for approximately 40 percent of the world’s olive oil supply. As a result of high temperatures in May damaging olive trees at the moment of flowering, the Iberian peninsula’s persistent drought, major flooding and intense forest fires, Spanish farmers have struggled to maintain their olive oil production, leading to a decrease in supply and subsequently driving up prices. In 2022, a liter of olive oil was €4; in January 2023, it was €6 and now costs around €9 in Spain. The record-high prices ...

Source: Olive Oil Times