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Price explosion: Poor olive harvest drives olive oil prices to record highs
Read why olive oil is more expensive than ever and how climate change has affected the harvest. Find out more about the reasons for the price explosion.
Price explosion: Poor olive harvest drives olive oil prices to record highs
A poor harvest has pushed olive oil prices to historic highs. In Greece the price per liter reaches up to 15 euros - a record high. In March this year, prices rose by a massive 67.2 percent compared to the previous year, Athens statistics agency Elstat recently announced. This hits the Greeks particularly hard, as they lead the EU with an annual consumption of around 12 liters per person.
The reason for the price increase is the dramatically poor olive harvest in the 2022/2023 season. In Spain, the world's largest olive oil producer, as well as in Italy and Greece, yields have fallen by more than half. Olive farmers blame climate change for the misery, as unusually mild winters, excessively high temperatures during flowering and subsequent insufficient rain make it difficult for the olive trees to bear fruit.
The high energy and fuel prices have also driven up production costs. The outlook for the future is bleak as last winter was also unusually warm in large parts of Greece and spring brought less rain than hoped. Olive oil traders in Berlin predict further price increases in the near future.