Olive oil price soars 67% in one year

Olive oil price soars 67% in one year

Greece saw the second-highest increase in the price of olive oil since January 2023, with its 67% increase far above the European Union average of 50%, data from the EU’s statistics arm showed on Tuesday.

Portugal saw the highest price spike in the bloc, with a nearly 70% increase, followed by Greece and Spain (63%). The three countries together produce most of Europe’s olive oil. Cyprus saw a 49% annual hike.

Eurostat said the price of olive oil skyrocketed in the second half of 2023 with a 37% increase in August, compared with August 2022. This trend accelerated in September with an increase of 44% and a 50% increase the following month.

The peak in the annual rate of change occurred in November 2023 (up 51% from November 2022). In December, there was a small slowdown, as the prices were 47% higher, compared with December 2022.

According to the National Bank of Greece, olive oil accounts for 9% of the total agricultural production value in Greece compared with 1% in Europe, and a higher percentage of GDP in Greece (0.4%) than in Spain or Italy.

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