Olive Oil Prices Soar in Greece, Surpassing EU Average

olive oil

The price of olive oil in Greece has jumped a staggering 67% within the past year, according to data released by Eurostat on Tuesday.

This increase significantly surpasses the average increase of 50% seen across the European Union during the same period.

While olive oil prices began to rise in the second half of 2023, with a 37% increase in August, the trend accelerated towards the end of the year, reaching a peak of 51% in November compared to the previous year. December saw a slight slowdown, with prices still remaining 47% higher than December 2022.

Greece was not alone in facing significant olive oil price hikes. Portugal saw the highest increase within the EU at 69%, followed by Greece and Spain (63%).

In contrast, countries like Romania, Ireland, and the Netherlands experienced much smaller increases, ranging from 13% to 18%.

These dramatic price increases raise concerns for consumers and businesses alike in Greece, a country with a deep cultural and economic connection to olive oil. The reasons behind the surge are complex and likely involve factors such as lower olive harvest yields due to weather conditions, rising production and transportation costs, and global market fluctuations.

Copyright Greekcitytimes 2024