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The price of olive oil increased by 49% in Cyprus in January

The price of olive oil increased by 49% in Cyprus and by 50% in the European Union in January 2024, compared to January 2023, according to data released by Eurostat, the statistical service of the EU.

However, while olive oil prices started increasing across the EU in August, the rise in price in Cyprus was more sudden and was recorded this January, being the highest price hike for this particular product recorded to date.

The price of olive oil in the EU skyrocketed in the second half of 2023 with a 37% increase in August (compared with August 2022).

This trend accelerated in September (+44%) and October (+50%). The peak in the annual rate of change occurred in November 2023 (+51% compared with November 2022).

In December, there was a small slowdown, as the prices were 47% higher (compared with December 2022).

Meanwhile in Cyprus, between August and October 2023, olive oil prices recorded only small increases (+13%, +11%, +13%), rising more strongly in November (+19%). The increase slowed down somewhat in December (+15%) but prices rose sharply in January (+49%). This was also a record rise compared to the earliest available data for Cyprus from 2017.

All the EU countries reported an increase in the annual inflation for olive oil this January. The highest increase was recorded in Portugal (+69% compared with January 2023), followed by Greece (+67%) and Spain (+63%).

In contrast, the smallest price increases were recorded in Romania (+13%), Ireland (+16%) and the Netherlands (+18%).

(Source: CNA)

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