Monday, October 2, 2023

Spain recorded the largest increase in olive oil prices in Europe last year

He olive oil It has prices that are almost unaffordable for a large part of the population. According to the latest Consumer Price Index (CPI) data for the month of August, it is one of the products whose price has shot up Price (52.5%) compared to the previous month before sugar and rice.

In recent weeks, various videos have also gone viral showing that a liter of olive oil is cheaper in other European countries compared to prices in Spain, which is also the world’s largest producer.

Olive oil prices across Europe

From the euro, the European Union Office, which is also responsible for publishing statistics and indicators at European level records the fluctuations in the price of olive oil according to the Harmonized Index of Consumer Prices (HICP) updated today.

Eurostat data shows this The price of olive oil in August in our country had an annual fluctuation rate of 52.1%, according to the latest available data. Spain is therefore the country that is recording the largest increases. Our country is followed by Portugal (45.7%), Austria (37.4%) and Italy (37.1%).

In the European Union Eurostat figures show growth of 37.1% and in the Eurozone 38.3% Compared to the previous year. Among the neighboring countries where the price of olive oil has increased the least, Malta, France and Greece stand out, with still high figures of around 20%.

According to these data is One of the most significant growth events has occurred Portuguesel. The neighboring country, where in July the increase in oil prices was 27.8% compared to the same month last year, is expected to happen in August (compared to August 2022). at 45.7%. The leader continues to be Spain, where the year-on-year increase was 38.8 in July and reached a year-on-year increase of more than 50% in August.

  • Spain: 52.1%

  • Portugal: 45.7%

  • Austria: 37.4%

  • Italy: 37.2%

  • Lithuania: 27.6%

  • Slovakia: 9.3%

  • Romania: 7.3%

The price of olive oil continues to skyrocket

According to the weekly record of the Ministry of Agriculture, the price of extra virgin olive oil is is 8.28 euros per kilo the week of September 4th to 10th. The development of this product has followed an upward trend over the last five weeks, as shown by the Ministry’s own statistics. The price increase has taken place 150% compared to the last two campaigns.

According to the OCU, the average price in each country for a liter of white label extra virgin olive oil is 8.72 euros in Spain, 8.21 euros in Italy, 7.52 euros in France and 6.86 euros in Portugal. “The average price of Spanish EVOO is 27% more expensive than Spanish EVOO sold in Portugal, 16% more than France and 6% more expensive than Italian EVOO,” points out Consumidores.

Why has the price of olive oil increased so much in Spain?

The Union of Small Farmers and Ranchers (UPA) has been pointing this out for some time the drought situation that has persisted for several years and the high temperatures during the flowering period of the olive grove are the reasons which led to a poor harvest. Furthermore, this is expected to continue to be negative next season.

Likewise, the UPA has warned that it is a medium campaign in Spain 1.3 million tons of olives are produced. A total of 1.2 million tonnes were produced in the previous two campaigns the forecasts they don’t point to a improvement. The consequence of this situation is that there is currently no decline in prices.

Nation World News Desk
Nation World News Desk
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