A person standing in front of a grocery store shelf, holding a bottle of olive oil.

In January 2024, the price of olive oil in the EU was 50% higher than in January 2023. 

The price of olive oil skyrocketed in the second half of 2023 with a 37% increase in August (compared with August 2022). This trend accelerated in September (+44%) and October (+50%). The peak in the annual rate of change occurred in November 2023 (+51% compared with November 2022). In December, there was a small slowdown, as the prices were 47% higher (compared with December 2022). 

Inflation rate for olive oil, January 2021 - January 2024, %, annual rate of change. Line chart. See link to full dataset below.

Source dataset: prc_hicp_manr

In January 2024, all the EU countries reported an increase in the annual inflation for olive oil. The highest increase was recorded in Portugal (+69% compared with January 2023), followed by Greece (+67%) and Spain (+63%).

In contrast, the smallest price increases were recorded in Romania (+13%), Ireland (+16%) and the Netherlands (+18%).

Inflation rate of olive oil in January 2024, %, annual rate of inflation. Chart. See link to full dataset below.

Source dataset: prc_hicp_manr

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