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Olive oil price rises 2% in the 1st quarter and 49% compared to 2023
The price of virgin olive oil for the consumer has increased by about 2% in the first quarter and more than 49% compared to 2023, according to data from the Price Observatory.
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Economia Azeite
From January 1st to March 25th (latest available data), the price of virgin olive oil rose from 8.67 euros per liter to 8.85 euros, an increase of just over 2%.
Compared to March 2023, when a liter of olive oil cost 5.92 euros, the price has skyrocketed by more than 49%.
However, this difference was partly due to the end of the Zero VAT measure in early January.
This measure, which had been in force since mid-April 2023, was applied to 46 essential food products, including olive oil.
In the case of extra virgin olive oil (consumption), the increase in the first three months of the year was over 10%, with the liter reaching 9.78 euros at the end of March.
Between April 24, 2023 (5.84 euros) and March 25, 2024, the increase was 67.5%.
In the case of production, from January 29th to March 25th, the value increased by 2.63%, from 9.12 euros to 9.36 euros per liter of bottled olive oil (without discounts).
On April 24, 2023, the price of a liter of olive oil (production) was 5.96 euros, which, compared to the latest available value (9.36 euros), represents an increase of 57%.
The latest data released also show that the price of olives for oil was 0.87 euros per kilogram (kg) at the beginning of January this year, below the 1.05 euros per kg paid on October 9, 2023.
Even so, this price increased by more than 7% between December 2023, when it was 0.81 euros per kg, and January 2024.
The Price Observatory was created to compare the evolution of the cost of a set of products along the agri-food chain.
In addition to olive oil, sectors such as eggs, fish, vegetables, fruits, dairy products, and pork and poultry are analyzed.
Read Also: Agriculture Minister Defends Market Diversification for Olive Oil (Portuguese version)
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