Olive oil, fish and cereals are the “champions” of price growth in August

The rapid rise in olive oil prices is particularly affecting Mediterranean countries that base their diet on it.

According to data ELSTATfood category inflation rose to 2.8% in August, with olive oil, fish and breakfast cereals all seeing double-digit year-on-year growth.

Olive oil continues to lead the price hike raceup 49.1% compared to August last year. However, it should be noted that compared to the previous month (June 2024), olive oil shows a slight decrease of 1.2%. Prices for fresh fish increased by 11.3% over the year, and by 11.2% for dry breakfasts. In the category “mineral water, soft drinks, fruit juices,” a price increase of 6.9% was recorded, dried fruits and nuts increased in price by 5%, and in the category “sugar, chocolate, sweets, ice cream” by 4.8% and fresh vegetables by 3.1%. The price increase for meat and processed/canned vegetables amounted to 1.4%.

As can be seen from the data above, the most significant increase in food prices is observed mainly in products, the cost of which cultivation/production of which suffers from the effects of climate change.

In contrast, compared to August 2023, a 6.6% decline was recorded for pizza and pies, 4.5% for potatoes and 3.3% for frozen vegetables. Prices fell by 2.6% in the “other food” category and by 2% for dairy products and eggs.

When comparing prices in August and July, the main monthly increases were recorded for vegetables (2.8%), fresh fish (1.4%), fruit (1.2%) and cheese (1.1%). On the other hand, the most significant decreases over the month were shown by yogurt, by 2.8%, poultry, by 1.3%, olive oil, by 1.2%, and still alcoholic beverages by 0.7%.

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