April 12th 2024.
The cost of living seems to be on the rise everywhere these days, and one particular product that has seen a dizzying increase in price is olive oil. Once hailed by the Ancient Greeks as "liquid gold," this cooking staple has become almost unaffordable for many in recent months. According to reports, the average price of a 500ml bottle of olive oil has risen by a staggering 110.5% in the past year alone. It's no wonder that people are scratching their heads and asking, "What's going on with the price of olive oil?"
The rise in olive oil prices is not just a localized issue, but rather a widespread trend across Europe. In some EU countries, the cost of olive oil has gone up by 50%. A graph from the Office for National Statistics shows a steady increase in prices over the past decade, with Portugal being the hardest hit by a 69% rise between 2023 and 2024. Greece and Spain have also seen a significant increase of 67% and 63% respectively.
This steep hike in prices has had a domino effect, causing a decline in olive oil consumption as people turn to cheaper alternatives. In the UK, consumption of olive oil fell by 14% in 2023, while in Spain, sales dropped by a staggering 40%. But what's behind this sudden surge in olive oil prices, and why are criminal gangs getting involved?
It turns out that these gangs have been exploiting the olive oil market for years, with some resorting to selling cheaper oils under the label of extra virgin olive oil to make a hefty profit. In one case, a father and son were arrested for selling sunflower oil as olive oil, even going to the extent of dyeing it to make it more convincing. Last year, a counterfeit olive oil gang was busted in Spain and Italy, with over 260,000 litres of unfit oil seized and 11 people arrested.
But it's not just about counterfeit products. The rising price of olive oil has also led to a surge in thefts and robberies, with olive oil being the most stolen item in Spanish supermarkets. In Greece and Italy, there have even been reports of gangs stealing olives and branches from farms, with some using chainsaws to cut down entire olive trees. In one case, more than 100 trees were stolen or damaged, including a 150-year-old tree on the outskirts of Athens.
So why exactly is olive oil so expensive? According to experts, the main factor is the peculiar weather conditions and bad harvests that have affected olive farms in recent years. A heatwave and drought in Spain in 2023 had a devastating impact, and the country being the largest producer of olive oil in the world, the effects were felt globally. Unusual rainy spells in the summer further affected the development of olives, resulting in some Spanish farmers producing only 30-40% of their usual output.
Greece, a reliable supplier to fill in the gaps in olive oil production, also experienced bad weather conditions, contributing to the shortage in supply. The Mediterranean region, which produces a significant portion of the world's olive supply, has been identified as a climate change "hot spot," warming 20% faster than the global average. This could have a ripple effect on agriculture and ultimately lead to further price increases.
Other factors such as the bacterial disease Xylella Fastidiosa, which has ravaged olive trees in Italy, and rising costs of production have also played a role in the escalating prices. While Brexit may have had an impact on olive oil prices a few years ago, experts believe that it is not a contributing factor to the current rise in prices. Until a new balance is found in olive oil production, it seems that this precious "liquid gold" will continue to come at a high cost.
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