In Spain, demand for sunflower oil increased in 2023 against the backdrop of rising prices for olive oil

Published Jan 25, 2024

Tridge summary

Spain is grappling with inflation, which is impacting the cost of living and consumer behavior due to rising production costs and crop failures. The average annual household shopping basket has seen an increase of €800 over the past year, despite consumers actively comparing prices and seeking promotions. The olive oil sector, especially extra virgin olive oil, has seen a significant price increase, leading to a decrease in demand. As a result, consumers are turning to alternatives like sunflower oil, which has experienced a 16% surge in demand and a 36% price decrease compared to November 2022.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Inflation, caused mainly by rising production costs and crop failures, had a significant impact on the cost of living and consumer behavior of the Spanish population. Despite consumers being in saving mode, actively comparing prices and looking for promotions, the average annual household shopping basket has grown by €800 over the past year, according to Nielsen IQ research. The olive oil sector, and especially extra virgin olive oil, has seen significant price increases. Consequently, the demand for these oils has decreased ...

Source: Oilworld