Severe droughts drive global olive oil prices to record highs


(MENAFN) Global olive oil prices have reached unprecedented levels in September, exceeding USD8,900 per ton. This surge in prices can be attributed to severe droughts that have affected major olive oil-producing countries, as highlighted in the recent report from the US Department of Agriculture (USDA).

The USDA report underscores that prices have been on a steady incline as the full extent of the damage to olive harvests became evident. In August, the average price surged by 130 percent compared to the previous year. Furthermore, the report notes that last month, prices rapidly surpassed the previous record of USD6,242 per ton, which had been set back in 1996. Alarmingly, there are no indications of these price increases subsiding in the near future, as indicated in the USDA report.

Meanwhile, in Andalusia, Spain, olive oil prices reportedly skyrocketed to €8.45 (equivalent to USD9.02) per kilogram in September. This notable increase marks the "highest price ever recorded for Spanish olive oil" and represents a year-on-year surge of 111 percent. Spain holds the distinction of being the largest global producer and exporter of olive oil, often referred to as 'liquid gold,' followed by Greece and Italy.

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