• A recent market study carried out by the Eurostat agency, cited by Agerpres, signals a steady increase in the price of oils and fats in the European Union.
After unprecedented developments in 2022, food prices continued to rise in the first quarter of 2023, with oils and fats among the products with the highest price increases in the European Union.
The data for March 2023, published on Monday, 08.05.2023, by European Statistical Office (Eurostat), shows that the price of oils and fats in the EU was, on average, 23% higher than in March 2022.
The peak of the annual variation was in December 2022 (a 32% increase compared to December 2021), with new data indicating a nine percentage point decline in the first three months of 2023, suggesting a slowdown in oil and fat price growth.
In March 2023, almost all Member States UE reported annual increases in the price of oils and fats, the most significant increase being recorded by Hungary (33%), followed by Denmark (32%) and Belgium (+31%).
Record prices for olive oil
At the opposite pole, the lowest price increases for oils and fats were in Croatia (6%), Austria (12%) and the Czech Republic (+16%). Romania recorded a price increase of 24,4% in March, slightly above the EU average of 23%.
On the other hand, CNBC reports that olive oil prices have reached record levels due to the prolonged drought in Spain, the main producer, and high prices are expected to remain in the period ahead.
Demand for olive oil has been strong in recent years – prices have risen since 2020 as consumers cooked at home more often during and after the Covid-19 pandemic. In addition, the sunflower oil crisis after Russia's invasion of Ukraine sent prices soaring.
According to data from the International Monetary Fund, the world price of olive oil reached $5.989,8 per metric ton, marking a 26-year high.
Article written by Gabriela Dan, Editor of Arta Albă
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