Nowadays, it’s difficult to think of something that has not become more expensive.
Except maybe for energy and rent, and possibly among the top 10, olive oil has also become more expensive. mortgage The cost of olive oil has gone up.
In the UK, an average 500ml bottle of olive oil will cost a shopper £7.45 – which is 38% higher than last year, when it was £5.39. (And that was already about half higher than it was the year before that.)
As much as ItalyItaly’s inflation rate is only 0.90% compared to Britain’s 4%, but Italians have also seen the cost of olive oil rise.
So much that a new survey discovered one in three Italians have reduced their consumption of extra virgin olive oil.
Half of the five hundred consumers surveyed told Istituto Piepoli, a research institution, that they have cut back on olive oil consumption by as much as 30%.
While 40% said they have halved how much they drizzle on their salads or use to fry tomatoes in.
With average Italian supermarket prices for olive oil rising 4.0 euros (£3.41) to 9.0 euros (£7.66) a bottle, nearly half surveyed said they’re reaching for cheaper seed oils instead.
However, when asked how much a good quality bottle of olive oil should cost, half of those interviewed said seven euros.
Piepoli CEO Sara Merigo was quoted by the financial newspaper Il Sole 24 Ore as saying: ‘In Italy, oil has always been a product widely consumed by citizens and the reduction in consumption on the one hand, combined with the transformation of habits on the other, will have a long-term impact on a sector that represents true Italian excellence.’
Amid extreme weather worsened by climate change, global olive oil prices have risen to record levels, doubling over the past year.
In 2023, Spain, the world’s largest olive oil producer, experienced a severe drought, ruining the fruit harvests. Olive farmers in Italy, Greece and Portugal were also affected.
Just like the oil in the ground, olive oil is a pretty sought-after commodity.
Thefts of the golden bottles have risen in Greece and Spain especially, all while sales dropped by one-third in both countries.
David Granieri, president of the Unaprol olive-growing consortium that represents half of Italy’s production, feels differently, however.
He emphasized that industry data showed domestic sales of extra virgin olive oil made in Italy, which can cost up to 14 euros (£11.92) a litre, were up 8% in the first two months of this year.
‘Olive oil is not a commodity. It is a nutrient that is at the heart of the Mediterranean diet and that plays a fundamental role also socially,’ he said.
‘This is something that is keenly felt in Italy.’
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