Prices for this basic item surged 115% year-on-year in August, data shows
Spanish authorities are sounding the alarm over olive oil prices, which continue to rise and may eventually turn this Mediterranean staple into a “gourmet product,” the newspaper El Mundo reported, citing sources in the Ministry of Agriculture.
Olive oil from Andalusia soared to €8.20 ($8.90) per liter last week, marking the highest price ever recorded for Spanish olive oil, according to data from Mintec, representing a 115% year-on-year increase. Meanwhile, the price surge continues.
“The market takes it for granted that prices will keep rising until at least the end of the year,” the outlet noted, adding that extra virgin prices are expected to reach €10 per bottle by autumn.
Shelf prices for olive oil in a number of Spanish supermarkets have already surged to €8.50 per liter making the product almost unaffordable for middle-class households, the outlet said.
The Spanish olive oil sector is currently grappling with mounting concerns regarding availability in the coming months following the severe drought that Spain has been experiencing since last summer.