Europe's olive oil price skyrocketed when Brussels refused Indonesian palm oil due to deforestation regulations

Jakarta, CNBC Indonesia - Olive oil prices have skyrocketed throughout the European Union (EU). This happened when Brussels refused to accept a number of crude palm oil (CPO) from Indonesia because of deforestation regulations. According to data from Eurostat, the bloc's statistical office, olive oil prices jumped by 50% on an annual basis in January. This follows increases throughout the second half of 2023, with a 37% jump in August and a surprising 51% increase in November 2022. Quoting RT, this report of price increases is in line with the surge in prices of basic commodities on the continent. Data shows that olive oil inflation is very high, especially in Southern European countries, where it is produced. Prices in Portugal, for example, jumped by 69.1% in January compared to last year. The biggest increase across the bloc, followed by Greece with a rise of 67%. In Spain, prices jumped by 62.9%. Even though the country is the largest producer and exporter of olive oil in the ...