EU olive oil prices rose most in Portugal over the year

Prices for olive oil in the EU countries for the year increased by an average of 1.5 times, according to data from Eurostat, whose analysts compared the index from January 2024 to January 2023.

As experts specify, the highest price increase for the period under review was recorded in Portugal, Greece and Spain – by 69%, 67% and 63% respectively.

The fourth position was occupied by Estonia, where a 53% annual increase in olive oil prices was recorded. Cyprus was the country with the fifth highest increase, at 49%.

“At the same time, prices at the pan-European level started to rise from August, while in Cyprus a sharp increase was recorded only in January. In the country, the cost of olive oil rose slightly between August and October 2023, with prices jumping 19% in November. Growth then slowed slightly in December, but increased sharply in January,” the experts explained.

The Netherlands (+18%), Ireland (+16%) and Romania (+13%) felt the least increase in the cost of olive oil, according to Eurostat.

Tags: Cyprus, EU, prices, Spain, Greece, Portugal, olive oil