Olive oil: the price in the EU has increased by more than 50% in a year

According to Eurostat data released today, the price of olive oil in EU grew by more than 50% in one year, from January 2023 to January 2024.

The price jumped sharply in the second half of 2023, increasing by 37% in August (compared to August 2022). This trend intensified in September (+44%) and October (+50%). The peak annual price growth rate occurred in November 2023 (+51% compared to November 2022). December saw a slight slowdown, with prices up 47% (compared to December 2022).

In January 2024, all EU countries reported an increase in annual olive oil inflation. The highest growth was recorded in Portugal (+69% compared to January 2023), followed by Greece (+67%) and Spain (+63%). The smallest price increases were recorded in Romania (+13%), Ireland (+16%) and the Netherlands (+18%).

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