Price of olive oil increases by 49%

The price of olive oil has skyrocketed in Cyprus, as across the rest of Europe, in the past year, data published by Eurostat on Tuesday showed.

In January 2024, the price of olive oil in the EU was 50 per cent higher than in January 2023, with prices in Cyprus marking a similar increase of 49 per cent.

While the price of olive oil started to rise on a European-wide level from August, the increase in Cyprus was recorded more sharply in January. This is the largest increase recorded to date.

According to the study, the second half of 2023 saw the sharpest increases across the EU, with a 37 per cent increase in August alone, compared to the same month in 2022.

The trend accelerated in September with a 44 per cent increase, reaching 50 per cent by October and peaking at 51 per cent in November.

In December, there was a small slowdown, with prices being 47 per cent higher compared to December 2023.

In Cyprus specifically, between August and October 2023 the price of olive oil registered small increases, 13 and 11 per cent respectively, and increased to 19 per cent in November.

Following the pan-European trend, a small slowdown was recorded in December where the percentage fell to 15 per cent.

However, prices shot up in January 2024, marking a 49 per cent increase – a record as the highest increase recorded since data collection began in 2017.

This January saw an increase in the price of olive oil in all EU member states compared to January 2023.

The largest increases were recorded in Portugal (69 per cent), Greece (67 per cent) and Spain (63 per cent).

With 49 per cent, Cyprus saw the fifth largest increase, behind Estonia in fourth place with 53 per cent.

The smallest increases were recorded in Romania, Ireland and the Netherlands, where prices rose by 13, 16, and 18 per cent.