14 Mar Olive oil prices raised by 22% and keep raising
The prices of olive oil of the main Spanish brands grew by 22% in a year and that is not the limit! The small harvest of olives in other parts of Europe increased demand for the Spanish olive oil .
Homemade food rose in price a little at the beginning of this year. Production of olive oil, the irreplaceable element of the Mediterranean diet , raised in price, and the prices of leading brand in supermarkets rose already by 5-8% in comparison with last summer. All indicators specify that the price will continue to grow.
Price increase in retail networks is a consequence of advance in price of raw materials and production. The crop failure in Italy, Greece and Turkey led to increase in purchases of raw materials in the Spanish market. Let us remind the reader that about a half of the harvest of olives in Spain usually intends for export. Local harvests in this season also decreased because of droughty days in August, 2016. It is expected that the season will be closed with the reaped in 1,25 – 1,3 million tons of olives, according to the forecast there should have been 1,4 million.
According to data of the Ministry of Agriculture of Spain, average price of olive oil with acidity 0,8º – 2º in Spain at the end of February was established as 3,73 Euros for liter that constitutes rise for 12% concerning the first week of January and 22% concerning the price on one year ago (the maximum price of 4,04 Euros was reached in August, 2014). High price can also provoke thefts of olives directly from fields.