The price of olive oil in Europe rises 50% in one year

Published Feb 28, 2024

Tridge summary

Eurostat data reveals a significant increase in the price of olive oil in the European Union in January 2024, marking a 50% rise compared to the same period in 2023. The surge began in the latter half of 2023, reaching its peak in November with a 51% increase from November 2022. All EU countries experienced a rise in olive oil inflation, with Portugal, Greece, and Spain recording the highest increases of 69%, 67%, and 63% respectively. Conversely, Romania, Ireland, and the Netherlands saw the smallest price hikes.

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

Original content

In January 2024, the price of olive oil in the European Union was 50% higher than in January 2023, according to data published by Eurostat. Specifically, the price of olive oil skyrocketed 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 of the annual exchange rate occurred in November 2023 when the rise was 51% compared to November 2022. A small slowdown occurred in December as prices were 47% higher compared to the same month of 2022. In January 2024, all EU countries reported an increase in annual olive oil inflation. The largest ...

Source: Financialfood