Olive oil may become unaffordable for Spaniards – El Mundo

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Spanish authorities are warning about rising olive oil prices, which might eventually turn this Mediterranean staple into a “gourmet product,” according to El Mundo, citing Ministry of Agriculture sources.

According to Mintec data, olive oil from Andalusia reached €8.20 ($8.90) per liter last week, the highest price ever recorded for Spanish olive oil, signifying a 115% year-on-year rise. Meanwhile, the price increase is continuing.

“The market assumes that prices will continue to rise until at least the end of the year,” the outlet reported, adding that extra virgin costs are projected to hit €10 per bottle by autumn.

According to the outlet, shelf prices for olive oil in a handful of Spanish supermarkets have already risen to €8.50 per liter, making the commodity nearly expensive for middle-class households.

Following the catastrophic drought that Spain has been facing since last summer, the Spanish olive oil business is currently coping with rising fears about availability in the next months.

In the agricultural year 2022-2023, Spain’s olive oil output more than half to 675,000 tons, a 54.7% decrease year on year. According to data from the Agriculture Ministry, this has resulted in the country’s current output volume being the lowest thus far this century.

The Spanish government’s July data also revealed a considerable decrease in stocks, which fell by 73,000 to 75,000 metric tons last month.