A 49% increase in Cyprus and a 50% increase in the European Union were recorded in the price of olive oil in January 2024 compared to January 2023, according to data published by Eurostat, the statistical office of the EU.
However, while the price of olive oil began to rise at a pan-European level from August, the increase in Cyprus was recorded more sharply in January. This is the largest increase recorded to date.
The price of olive oil across Europe saw a sharp increase in the second half of 2023, initially with a 37% increase in August (compared to August 2022).
This trend accelerated in September (+44%) and October (+50%). The highest levels of annual rate of change were recorded in November 2023 (+51% compared to November 2022).
December saw a slight slowdown, as prices were 47% higher compared to December 2022.
In Cyprus, during the period of August to October 2023, the price of olive oil recorded small increases (+13%, +11%, +13%), and increased somewhat more in November (+19%). The increase slowed somewhat in December (+15%), but skyrocketed in January (+49%), even setting a record since data collection began in 2017.
In January of this year, the price of olive oil increased in all EU member states compared to January 2023.
The largest increases were recorded in Portugal (+69% compared to January 2023), Greece (+67%), and Spain (+63%). Cyprus had the fifth largest increase (49%), after Estonia in fourth place (+53%).
The smallest increases were recorded in Romania (+13%), Ireland (+16%), and the Netherlands (+18%).