World: Why has the price of olive oil skyrocketed in recent months?

Those who frequently consume olive oil have noticed an increase in price in recent months. This problem, which is global, is also felt in Ecuador. The country's supermarkets sell brands that come from different European areas, mainly from Spain, which produces half of the world's olive oil and where rising prices are already a problem. In Spain, prices have even tripled since the beginning of 2021, much to the dismay of consumers, who stopped buying the product en masse. This led the Government to announce a 0% VAT. What is happening with olive oil and why has its cost risen so much? At the first World Olive Oil Congress, which runs until Friday, June 28, 2024 in Madrid, experts explained the problem: it is a consequence of climate change. According to the International Olive Council (IOC), global olive oil production fell from 3.42 million tons in 2021-2022 to 2.57 million tons in 2022-2023. And according to data transmitted by the organization's 37 member states, it should ...