In January 2024, the cost of olive oil within the EU was up by 50% compared to January 2023.
The escalation in olive oil prices began in the latter half of 2023, with a notable 37% surge witnessed in August compared to the same period in 2022. November 2023 marked the pinnacle of this upward trend, with a staggering 51% increase compared to November 2022.
In January 2024, every EU member state documented a rise in annual inflation rates for olive oil. Portugal has seen the most significant surge, recording a 69% increase compared to January 2023, closely trailed by Greece with a 67% rise, and Spain with a 63% uptick.
A December 2023 BBC report attributed the rise in olive oil prices to severe weather conditions across Europe, mentioning the fatal combination of droughts and severe hailstorms leading to floods.
