In January, the price of olive oil in Cyprus rose by 49%

According to data published by the European statistical agency Eurostat, olive oil prices surged in Cyprus last year, as they did across the rest of Europe. In January 2024, the price of olive oil in the EU was 50% higher than in January 2023. Prices in Cyprus demonstrated a 49% increase.

While olive oil prices began to rise at the pan-European level from August, the increase was recorded in January in Cyprus. This is the largest increase registered to date.

According to the study, the second half of 2023 saw the sharpest rise in the EU: prices rose by 37% in August alone compared to the same month in 2022.

In September, the increase was 44%, and in October - 50%. Peak values of 51% were reached in November.

There was a slight slowdown in December: prices rose by 47% compared to December 2023.

In Cyprus, from August to October 2023, the price of olive oil increased by 13% and 11% respectively, and in November, it rose to 19%.

Following the pan-European trend, a slight slowdown to 15% was recorded in December.

However, in January 2024, prices sharply increased, rising by 49%, which is a record figure. This is the highest growth registered since data collection began in 2017.

In January of this year, olive oil prices increased in all EU member states compared to January 2023.

The largest increases were recorded in Portugal (69%), Greece (67%), Spain (63%), and Estonia (53%). Cyprus ranked fifth with 49%.

The smallest increases were recorded in Romania, Ireland, and the Netherlands, where prices rose by 13%, 16%, and 18% respectively.