Spanish authorities consider the situation with the continuing rise in prices for olive oil, which is a basic element of the consumer basket among the local population, to be critical. However, the product may eventually become a “gourmet dish”, the Mundo newspaper writes, citing sources in the national Ministry of Agriculture.
According to the publication, citing prices in August in a number of supermarkets in Spain, the cost of a liter bottle of first cold-pressed olive oil averages about 8.50 euros.
According to ministry estimates cited by Mundo, olive oil production in MY 2022/23 was 675,000 tons, down 54.7% from a year earlier. This figure falls well short of the 1.4 million tons Spain typically produces on average. Drought and high temperatures have led to the worst agricultural year of the 21st century, and expectations for the next seasons are also disappointing.