January 2024 saw a 50% increase in the price of olive oil in the EU compared to January 2023. The surge in olive oil prices began strongly in the latter part of 2023, with a significant 37% increase in August compared to August 2022. This upward trend continued to gain momentum in September, with a notable 44% increase, and saw an even more substantial rise in October, reaching 50%. In November 2023, there was a significant peak in the annual price increase, with a notable 51% surge from November 2022. There was a slight slowdown in December, but prices stayed considerably high at 47% above December 2022 levels.
In November last year, Eurostat reported olive oil prices up 75% since January 2021 for the entire EU.
By January 2024, all EU countries had noticed a significant increase in the annual inflation rates for olive oil. Portugal experienced a significant surge, increasing by 69% compared to January 2023. Coming right after, Greece saw a 67% increase, while Spain experienced a 63% rise. Meanwhile, Romania, Ireland, and the Netherlands experienced more moderate price increases of 13%, 16%, and 18%, respectively.
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As per the National Bank of Greece, olive oil makes up 9% of Greece’s total agricultural production value, which is significantly higher than the 1% in Europe. Additionally, it contributes a larger percentage to the GDP in Greece (0.4%) compared to Spain or Italy.
The rise in olive oil prices contributes significantly to the overall increase in the general price index, accounting for approximately one-sixth of the total increase in January.
The Greek statistics authority ELSTAT reported that in January 2024, inflation increased by 3.1% compared to January 2023. This is lower than the 7.0% increase seen in the comparison between 2023 and 2022.
In January 2024, the General Consumer Price Index (CPI) decreased by 0.8% compared to December 2023, which was higher than the 0.5% decrease from the previous year. Between December 2023 and January 2024, there was a 6.8% increase in the price of olive oil, as reported by ELSTAT.