The price of olive oil in the European Union was up 50% in January 2024 compared to January 2023, Eurostat said on Tuesday, with Greece being one of three countries with the highest increase.
The price of olive oil skyrocketed in the second half of 2023, with a 37% increase in August (compared with August 2022). This trend accelerated in September (+44%) and October (+50%). The peak in the annual rate of change occurred in November 2023 (+51% compared with November 2022). In December, there was a small slowdown, as the prices were 47% higher (compared with December 2022).
All EU countries reported an increase in the the annual inflation for olive oil, while the highest increases in January 2024 compared to the same month in 2023 were recorded in Portugal (+69%), followed by Greece (+67%) and Spain (+63%).
In contrast, the smallest price increases were recorded in Romania (+13%), Ireland (+16%) and the Netherlands (+18%).