Extra virgin olive oil prices in Spain hit record highs in January

Published 2024년 1월 26일

Tridge summary

Spain is experiencing a record high in olive oil prices, with a 68% increase in extra virgin olive oil compared to the previous year. This surge is attributed to fears of a potential shortfall in the country's olive oil production for the 2023/24 crop year and consumers' unwillingness to switch from the product despite the price hike. This situation follows two years of below-average harvests, resulting in a significant drop in olive oil consumption in Spain.

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Original content

After a short respite, prices for olive oil in Spain reached new records. Extra virgin olive oil prices again hit a record high in mid-January, reaching €8.988 per kilogram, up 68 percent on last year, according to Infaoliva. There are concerns that Spanish olive oil production in the 2023/24 crop year may again fall short of 700,000 tonnes - down from initial expectations of 765,362 tonnes - coupled with consumer reluctance to move away from the category and moderate winter rainfall. The Consumer Prices Agency examined the prices of 18 brands of extra virgin olive oil at six major supermarket chains and found that the average price per liter of extra virgin olive oil increased from €6.91 in the first month of 2023 to €12 in January 2024 . As a result of two years of ...

Source: Oilworld