Olive Oil Adds 50% In Price In The EU Over 2023

A survey by Eurostat shows that the price of olive oil increased by 50% in EU countries between January 2023 and January 2024.

According to the statistical office’s press service, olive oil prices surged in the second half of 2023, rising 37% in August over the same time in 2022.

September 2023 saw an acceleration of this trend to 44%, October to 50%, and November to 51%. December 2023 had a minor slowdown despite prices being 47% higher than the previous year.

Every EU nation reported higher costs for olive oil in January 2024.

Portugal had the most yearly price increase, coming in at 69%. Greece and Spain came next, with 67% and 63% respectively. Estonia’s price increase at 52% was the fourth largest in January.

The countries with the lowest price increases for olive oil were Romania (up 13%), Ireland (16%), and the Netherlands (18%).

the US Department of Agriculture reportedly decreased its forecast of global olive oil production in September 2023 amidst a bad olive harvest in parts of the Mediterranean owing to excessive dry weather.

source: ec.europa.eu

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