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The increase in prices "removes" olive oil from the table

2024-08-25 11:58:38Biznes SHKRUAR NGA REDAKSIA VOX

The increase in prices "removes" olive oil from the table

At the end of 2023, olive oil was mainly consumed by middle- and upper-class households in Spain, which is the world's largest producer of this product, while sunflower oil was preferred by poorer households.

Sunflower oil has recently ousted olive oil from the Iberian country's kitchens as rising prices force consumers to switch to cheaper options. Spaniards bought 107 million liters of olive oil types in the first half of 2024, compared to 179 million liters of sunflower oil.

To date, olive oil has been the most popular for cooking in Spanish households, accounting for 62% of sales by volume in 2023, while sunflower oil accounts for almost 34%, according to the Ministry of Agriculture.

Olive oil sales by volume fell 18% from the first half of 2023, while sunflower oil saw a 25% increase in volume last year, according to official data. A bottle of sunflower oil cost an average of 1.86 euros per liter last year, while the most expensive types of olive oil cost 6 euros per liter, 50% more than in 2022.

Spain supplies about 40% of the world's olive oil, but spring heat waves and a prolonged drought have reduced the harvest in recent years, causing prices to double to record levels. This has resulted in poor Spanish families finding it difficult to buy the staples of the Mediterranean diet, opting for cheaper options instead.

In June, the Spanish government lowered the VAT on olive oil to make it more affordable. Spain's biggest supermarket chain, Mercadona, has cut the price of olive oil by 25% this year and this week is offering one-litre bottles for less than €7 in a bid to reach consumers.


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