The variation is in line with what had already been released by the National Statistics Institute (INE), which indicated that the increase in the price of olive oil in the national territory was mainly motivated by the “extraordinarily low production of the previous campaign”, as well as due to the “sharp drop in national stocks”, as a result of greater demand, both from international markets, where Spain stands out as the largest producer in the world.

In January this year, all Member States reported a rise in olive oil prices. The price of this product rose, on average, 49.6% in January this year in EU countries compared to the same period last year, compared to 47.4% recorded in December 2023.

Portugal occupies the first place on the podium, with an increase of 69.1% in January compared to January 2023, which represents an acceleration compared to the 64.8% increase in the last month of last year. This is followed by Greece (67.4%), Spain (62.9%), Estonia (52.2%) and Cyprus (49.2%).