Olive oil prices in the EU increased by 50%

Published 2024년 3월 4일

Tridge summary

In January 2024, olive oil prices in the European Union (EU) countries were 50% higher than the previous year, as reported by Eurostat. This increase, which follows a trend from the second half of 2023, was most significant in Portugal (69%), Greece (67%), and Spain (63%), while the smallest increases were observed in Romania (13%), Ireland (16%), and the Netherlands (18%). The price surge is linked to a global decline in olive oil production, resulting from failed olive harvests in the Mediterranean due to extremely dry weather conditions.

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Original content

The cost of olive oil in the European Union (EU) countries in January 2024 was 50% higher than in January 2023, Eurostat reported. As Interfax-Azerbaijan reports with reference to the BNS agency, prices for olive oil jumped in the second half of 2023: back in August they increased by 37% compared to the same period in 2022. This trend accelerated to 44% in September 2023, 50% in October and 51% in November. A slight slowdown was observed in December 2023, when prices were 47% higher than a year earlier. Read also: Olive harvest failure: Europe is preparing for a shortage of olive oil In January 2024, all EU countries reported an increase in olive oil prices. The highest annual price increase was recorded in Portugal - 69%. It is followed by Greece - 67% and Spain - 63%. Estonia ranked fourth in terms of price growth in January - 52%. The smallest increases in olive ...

Source: Eastfruit