Portugal Leads EU with 69% Surge in Olive Oil Prices

Olive Oil: A Golden Treasure in Portugal

In January, Portugal experienced the highest surge in olive oil prices among European Union member states, witnessing a substantial 69% increase. On average, olive oil prices across the EU rose by 50% during the same period. The trend of escalating prices was noticeable, starting with a 51% increase in November, followed by a slight slowdown to 47% in December, only to pick up pace again in January.

European Spike in Olive Oil Prices

During this period, all EU member states encountered a rise in olive oil prices. Greece, Spain, and Estonia also faced significant inflation rates above 50%, indicating a widespread impact on Southern European nations. Contrastingly, Romania (12.7%), Ireland (15.9%) and the Netherlands (17.6%) saw the lowest annual increases in the price of olive oil in January.

“I never saw in all my life a dryness like this one”

Rossella Boeri, olive oil producer

Climate Change Is The Main Cause For High Prices

Throughout the last ten years, the ancient olive trees have been struggling. The olive groves in the Mediterranean are facing tough times because of harsh weather like droughts and floods. In 2023, the region had the hottest summer ever recorded, putting pressure on the Olive Market. Italy, Greece, and Spain, some of the most important and biggest olive oil producers, are feeling the impact. Chefs and people who love to cook are now dealing with a challenge, as their favorite ingredient, olives, is increasingly hard to find.

Pingo Doce: 6,77 Euros For 75cl Of Cheap Olive Oil

The cheapest brand of Olive Oil comes out of a plastic bottle. The Pingo Doce house brand currently sells at 6,77 euros for 0,75 liters.

Sources: BBC, Diário de Notícias Madeira