The recent drought in southern Europe has hit hard against, among other things, olive cultivation, which has caused prices to skyrocket. From January 2023 to January 2024, prices within the EU increased by an average of 50 percent, according to the EU Commission.
However, record prices seem to be on their way down. According to Spanish Deoleo, the world's largest producer of olive oil, prices are expected to halve in the coming months, reports CNBC.
A damping of prices is expected towards November, December, and January – provided that the harvests remain intact in the coming weeks, says Deoleo's sales manager Miguel Ángel Guzmán to CNBC.
The forecast is significantly better harvests for 2024 and also 2025, particularly in countries such as Spain and Greece. Spain accounts for around 40 percent of all olive oil production.
But even if the situation has improved, one cannot say that the crisis is over, adds Guzmán.
