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The world, towards the olive oil crisis/ The price increases drastically

2023-09-21 17:29:00, Ekonomi CNA

The world, towards the olive oil crisis/ The price increases drastically

The world is on the brink of an olive oil crisis.

Olive oil industry experts warning of price hikes and major shortages.

In the last year there has been a staggering increase of at least 100% in the price of extra virgin olive oil.

Last season witnessed record production of olives and olive oil, attributed to favorable weather conditions and the cultivation of new olive groves.

But the opposite has happened this season, where the main olive producing countries in Europe, namely Italy and Spain, faced severe drought

In Italy, production fell by 27% and in Spain by 56%. Even in Cyprus, the climatic conditions have affected the production of olive oil, which has decreased by 50%.

This is reflected in the prices of olive oil, since in the last year alone in Italy it has increased by 37%, the second largest increase recorded in food products after sugar.

While producers may face higher costs due to these challenges, dramatic price increases are causing concern. 

Agricultural organizations point out that despite the excuses of the producers, too high prices can discourage consumers and push them towards alternative oils. They call on producers to keep reasonable prices and respect their consumers, who are essential allies in supporting the olive oil industry./ CNA

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