Olive oil prices in Spain have reached record levels

Olive oil prices in Spain continue to rise, continuing the trend that formed last October. Over the past few weeks, growth has accelerated, and quotes may soon reach record levels.

During the period from November 28 to December 19, prices for extra virgin olive oil rose from €4,951/t to €5,348/t. The Association of Young Farmers of Jaen (the main market for olive oil in the country) reported that between December 12 and 19, prices for first-press olive oil in Jaen, the place of production, reached €5,371/t.

In addition, prices for Lampante olive oil also rose sharply and exceeded €5,000/t for the first time in history.

The sharp increase in prices is due to a sharp decrease in the total volume of olive oil production, which Spanish producers received last year.

According to the International Olive Council, Spanish consumers consumed 510,000 tons of olive oil in 2021.

Rising olive oil prices will support prices for high-oleic sunflower oil, which is also considered a premium vegetable oil, just like olive oil.