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

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 ...