This January, the price of olive oil increased in all Member States, with Portugal reaching a record 69%.

The price of olive oil rose 69% in Portugal in January, registering the biggest year-on-year increase for the product, which, on average in the European Union (EU), increased by 50%, according to data released this week by Eurostat.

According to data from the European Statistical Service, in the EU, the price of olive oil soared in the second half of 2023, with an inflationary peak of 51% in November, compared to the same month in 2022.

In December 2023, the year-on-year increase in the price of olive oil slowed slightly to 47% and accelerated again in January.

In January, the price of olive oil increased in all Member States. Besides Portugal (69%), Greece (67%), Spain (63%), and Estonia (52.2%) also recorded olive oil inflation rates above 50%.

Romania (12.7%), Ireland (15.9%) and the Netherlands (17.6%) showed the smallest year-on-year increases in the price of olive oil in the same month.

LUSA