Olive Oil Prices Soar in Europe As Droughts Devastate Crops and Squeeze Supply

• Olive oil prices in the EU climbed over 50% in the past year, far outpacing overall food inflation • Price hikes were especially steep in major olive oil producers like Spain and Portugal, up 62.9% and 69.1% respectively • Drought and heatwaves have halved production in Spain, a top exporter, further squeezing supply
• With demand still high in Mediterranean countries, global prices are expected to keep rising • Spain's 2023/24 crop is better than last year but still below average, predicting more price pressure ahead