Over 50% increased in one year olive oil in the EU, prices in Italy remain high

Olive Oil
Published Mar 1, 2024

Tridge summary

The EU has experienced a significant surge in olive oil prices, with a 50% increase from January 2023 to January 2024. The most substantial hikes were observed in Portugal, Greece, and Spain, while Romania, Ireland, and the Netherlands saw the smallest increases. Despite a minor recovery in Spain and a rise in Italy, the global production of olive oil remains low, with availability not surpassing 2.4 million tons, thus maintaining high prices. In Italy, the average prices in the first two months of 2024 exceeded €9.55 per kilo in Puglia and €9.70 in Calabria.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

The price of olive oil in the EU increased by more than 50% in one year, between January 2023 and January 2024, according to Eurostat data. The price of olive oil soared in the second half of 2023 with a 37% increase in August (compared to August 2022). This trend accelerated in September (+44%) and October (+50%). The peak annual rate of change occurred in November 2023 (+51% compared to November 2022). December saw a slight slowdown as prices were 47% higher (compared to December 2022). In January 2024, all EU countries reported an increase in annual olive oil inflation. The highest increase was recorded in Portugal (+69% compared to January 2023), followed by Greece (+67%) and Spain (+63%). Conversely, the smallest price increases were recorded in Romania (+13%), Ireland (+16%) and the Netherlands (+18%). However, according to the latest estimates of the European Commission, global olive oil production, despite a slight recovery in Spain and an increase in Italy, remains at low ...
Source: Agrotypos
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