The price of olive oil rises around the world and Spain even has olive cargo theft

The price of olive oil became 24.5% more expensive in the last 12 months, until mid-October, according to September data released by the Broad National Consumer Price Index (IPCA), from the Brazilian Institute of Geography and Statistics (IBGE) . The increase in the price of olive oil is caused by the drought in Europe, which is suffering the third consecutive olive harvest failure due to high temperatures. Prices in Brazil are impacted because the country produces only 1% of the olive oil sold on the domestic market. The price of the product doubled in Europe, impacting the economy of three major producers: Spain, Italy and Greece, which are responsible for 66% of global supply. The price of olive oil became 24.5% more expensive in the last 12 months until mid-October, according to data from the Broad National Consumer Price Index - 15 (IPCA-15), from the Brazilian Institute of Geography and Statistics (IBGE ). This increase in price is caused by the drought in Europe, which is ...