The low supply of olive oil in the EU keeps prices rising

The low supply of olive oil in the EU continues to keep prices up. In addition to input costs remaining above the long-term average and prices of some agricultural commodities falling, farmers in the EU have faced various difficult weather conditions in spring, which which has caused a reduction in the projections of yield and quality of several agricultural products. However, some first signs of improvements are emerging on the horizon. For example, fertilizers have become more affordable after the fall in natural gas prices. Although still above the headline inflation rate, food inflation in the EU is beginning to stabilize. This has been published by the European Commission, in the summer 2023 edition of the Report: short-term outlook for EU agricultural markets which presents the latest trends and outlook for agricultural markets. In that context, the Commission has adopted an exceptional support package of €330 million presented on June 23, 2023. EU farmers from Belgium, ...