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Economy

Eurostat: Olive Oil Prices Jump 67% Within a Year in Greece

February 27, 2024

BRUSSELS  – The price of olive oil in the European Union surged 50% in January 2024 compared to January 2023, as reported by Eurostat on Tuesday, with Greece among the three countries experiencing the highest increase.

Olive oil prices saw a dramatic rise in the latter half of 2023, marking a 37% increase in August (compared to August 2022). This upward trend gained momentum in September (+44%) and October (+50%). The peak in the annual rate of change was reached in November 2023 (+51% compared to November 2022). December saw a slight deceleration, with prices rising 47% higher (compared to December 2022).

All EU countries reported an annual inflation increase for olive oil, with the highest spikes in January 2024 compared to the same month in 2023 seen in Portugal (+69%), Greece (+67%), and Spain (+63%).

Conversely, the smallest price increases were observed in Romania (+13%), Ireland (+16%), and the Netherlands (+18%).

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