Eurostat: Price of olive oil in EU up 50% in one year

In January 2024, the price of olive oil in the European Union was 50 per cent higher than in January 2023, EU statistics agency Eurostat said on February 27.

The price of olive oil skyrocketed in the second half of 2023 with a 37 per cent increase in August (compared with August 2022). This trend accelerated in September (+44 per cent) and October (+50 per cent). The peak in the annual rate of change occurred in November 2023 (+51 per cent compared with November 2022). In December, there was a small slowdown, as the prices were 47 per cent higher (compared with December 2022).

In January 2024, all the EU countries reported an increase in the annual inflation for olive oil. The highest increase was recorded in Portugal (+69 per cent compared with January 2023), followed by Greece (+67 per cent) and Spain (+63 per cent).

In contrast, the smallest price increases were recorded in Romania (+13 per cent), Ireland (+16 per cent) and the Netherlands (+18 per cent).

A December 2023 report by the BBC attributed increases in prices of olive oil to extreme weather conditions in Europe.

(Photo: Pawel Kryj/

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