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The price of olive oil in the EU increased by over 50% within one year, between January 2023 and January 2024, according to Eurostat data released today.
Specifically, the price of olive oil soared during the second half of 2023, with the increase reaching 37% in August compared to August 2022.
The trend accelerated in September (+44%) and October (+50%).
The peak of the annual rate of change occurred last November with +51% compared to November 2022.
In December, there was a slight slowdown, as prices were 47% higher compared to December 2022.
In January 2024, all EU countries reported an increase in the annual inflation rate of olive oil.
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The highest increase was recorded in Portugal at +69% compared to January 2023, followed by Greece (+67%) and Spain (+63%).
Conversely, the smallest price increases were recorded in Romania (+13%), Ireland (+16%), and the Netherlands (+18%).
