Russia: The cost of olive oil in St. Petersburg has increased by almost 50% since the beginning of autumn

Chicken eggs, which came into the focus of attention of buyers and authorities in the second half of 2023, turned out to be not the only rapidly rising food product in St. Petersburg. Retailers and restaurateurs have noticed a rapid increase in prices for olive oil - since the beginning of autumn, its cost has increased by almost 50% and continues to grow, market participants told RBC St. Petersburg. For comparison, the increase in prices for chicken eggs since the beginning of September, according to retailers, has reached 20%. According to Pavel Khoroshin, managing partner of the Restaurants Need company and partner of restaurant consulting italy&co (restaurants Italy, Hitch, Italiani, Concepts, Friends, Zagorod), importers began to massively notify about rising prices for olive oil at the end of August. They cited low harvest levels, abnormal heat in Europe (Spain, Portugal, Italy, Greece) and, as a consequence, a lack of raw materials as the main reasons. Thus, Spain, ...