Olive oil is breaking cost records again
Фото: Edgar Castrejon, Unsplash
Over the past year, product costs have increased by 50% — Eurostat compared prices in January 2024 with January 2023. Growth peaked in the second half of last year. This is most likely due to a long drought in Spain. It is considered the world's largest oil exporter, surpassing Greece. The price rose by 37% in August compared to the previous period, by 44% in September and by 50% in October.
However, 50% is the EU average. Different countries reacted differently to inflation fluctuations. For example, Portugal reported an increase of 69%, Greece and Spain 67% and 63% respectively. Romania, Ireland and the Netherlands had the smallest increases at 13%, 16% and 18% respectively. Luxembourg is also near the bottom of the list with a 23% increase.
It should be remembered that the record increase in the cost of oil is not a myth or a trick of the marketers. At the end of 2023, the increase in the price of the product already amounted to 75% compared to January 2021. Then, logistics and the geopolitical situation contributed to their contribution.
