Olive Oil and Potato Prices Soar Over 50% Since 2021 as Food Inflation Burdens Lower Income Families
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Olive oil prices have skyrocketed, increasing by 75% since January 2021, far exceeding overall inflation.
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In Spain, the world's largest olive oil producer, prices jumped 53% in August 2022 vs the previous year.
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Potato prices also saw a staggering 53% rise since January 2021.
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Food inflation continues to outpace overall inflation, putting a greater burden on lower income families.
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Olive oil production in Spain is expected to drop 35% this year due to drought, high temperatures, and fertilizer costs.