More than 100 percent.. Why did the price of “olive oil” rise to this extent?

2023-09-20 14:41:20

The price of olive oil witnessed a record global jump recently, due to harsh weather conditions and dry weather in the Mediterranean region, which caused supply disruptions.

And transfers the site “InsiderAccording to the US Department of Agriculture, global olive oil prices rose to $8,900 per ton in September.

The average price in August was 130 percent higher than a year earlier, with prices quickly surpassing the previous record of $6,242 per ton, set in 1996, the USDA said.

Although the rise in prices has reduced consumption to some extent, for consumers it is difficult to replace it despite abundant supplies of other vegetable oils, according to the US Department.

The sharp rise in the price of olive oil comes following similar jumps in the prices of many other food commodities, and the rising costs of these commodities threaten to set back the Federal Reserve’s efforts to reduce inflation in the United States.

While demand has decreased this season due to high prices, this decline will not last long, especially in the countries of the European Union, the largest producer and consumer of olive oil, which will keep prices high, especially if the next harvest is similarly affected by bad conditions.

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