Olive oil prices in Spain have increased by 165% in three years

The reasons were drought and a drop in production Olive oil prices in Spain have increased by 165.5% over the past three years, writes ESM. In December 2023 alone, they jumped by 54.6% in annual terms - the reasons were drought, which negatively affected the harvest, and a drop in production. The Spanish Ministry of Agriculture predicts that only 765,300 tons of olive oil will be produced in the 2023/2024 agricultural year. This is 15% better than last season, but 34% below the average harvest over the past four years. In the previous agricultural year, olive oil production reached a two-decade low, with less than 700,000 tons produced. Olive oil stocks are also falling: at the start of the current campaign they are already 43% less than last year - and 52% below average. Olive oil consumption in Spain decreased by 20% between November 2022 and November 2023. To support the industry, the Spanish government has reduced VAT on olive oil to 5%. In the coming months, the authorities ...