Olive oil prices in Spanish supermarkets reach record levels

Olive oil has always been called “liquid gold,” but in recent months that expression has never been more appropriate. This is because, as a result of the drought in Spain, the price in supermarkets of this typical product of Mediterranean cuisine has increased dramatically. It is now not within the reach of many people and is even more expensive than other European countries.

The price of olive oil increased significantly during the year. In June, a liter of oil was still 5 euros, now it is already 10 euros. This is much more than ever before. The price of olive oil is likely to rise further. This is because this year’s harvest in Spain, the world’s largest producer of olive oil, will not be good. Drought has caused many olive trees to not produce any fruit. Even if it rains now, the harvest will still be low. In addition, reserves of olive oil are at a low level.

price olive oil Interest rates have risen in recent months, leading to increased inflation in Spain. The prices of other food products have also risen, leading to a higher cost of living for many people. Consequently, olive oil sales declined. To alleviate the situation, the government reduced the value-added tax rate on olive oil from 10 to 5 percent. This measure will remain in effect until the end of this year.