Olive oil prices spike 49% in Cyprus

In January 2024, the price of olive oil experienced a significant surge, with Cyprus leading the pack with a remarkable 49% increase, according to data released by Eurostat, the EU's statistical office. The pan-European trend had seen a gradual rise starting in August, reaching a crescendo in January, marking the steepest increase recorded to date.

The pan-European olive oil price exhibited a noteworthy upward trajectory in the latter half of 2023, starting with a 37% rise in August compared to the same period in 2022. This trend accelerated in the subsequent months, with increases of 44% in September and 50% in October. November 2023 witnessed the peak, with a staggering 51% surge compared to November 2022. While December showed a slight slowdown with prices 47% higher than the previous year, Cyprus experienced a record-breaking surge of 49% in January.

Analyzing the Cypriot market from August to October 2023, olive oil prices recorded incremental increases of 13%, 11%, and 13%. November witnessed a more substantial uptick of 19%, and though the pace slowed in December (15%), it skyrocketed in January, setting a record since data collection began in 2017.

The January spike wasn't confined to Cyprus; all EU Member States reported increased olive oil prices compared to January 2023. Portugal led with a 69% surge, followed closely by Greece at 67%, and Spain at 63%. Cyprus secured the fifth position with a 49% increase, while Estonia claimed the fourth spot with a 53% rise.

Conversely, the smallest increases were noted in Romania (13%), Ireland (16%), and the Netherlands (18%). The data points to a broader pan-European surge in olive oil prices, raising concerns about potential economic impacts in the region.