LATEST NEWS ON THE OLIVE OIL PRICES AND HICP

OLIVE OIL PRICES – March 2023 update

International Olive Council

Olive oil prices in oil mills are reaching maximum levels in the 2022/2023 crop year. Prices of extra virgin olive oil increased by around 45% in the second week of March, compared with the same period previous crop year.

From the 2011/2012 crop year to the 2022/2023 crop year, extra virgin olive oil in Jaén, Spain cost less than €227.4 per 100kg for 25% of the time, and 25% of the time it exceeded €336.5 per 100kg. The average price in this period was around €290.8 per 100kg. The maximum and minimum prices were €536 and €174.3 per 100kg respectively.

The IOC’s latest figures put extra virgin olive oil at €524.5 per 100kg (+44.7% compared to the same period previous crop year).

XFigure 1: Extra virgin olive oil, Jaén, Spain.

In Bari, Italy, extra virgin olive oil cost less than €334 per 100kg for 25% of the time, and 25% of the time it exceeded €532.5 per 100kg. The average price in this period was around €427.3 per 100kg. The maximum and minimum prices were €614 and €221 per 100kg respectively.

The IOC’s latest figures put extra virgin olive oil at €603 per 100kg (+46% compared to the same period previous crop year).

Figure 2: Extra virgin olive oil, Bari, Italy.

Chania, Greece, saw extra virgin olive oil cost less than €241 per 100kg for 25% of the time, and exceeded €310 per 100kg for 25% of the time. The average price in this period was around €279.3 per 100kg. The maximum and the minimum prices were €475 and €182 per 100kg respectively.

The IOC’s latest figures put extra virgin olive oil at €455 per 100kg (+46.8% compared to the same period previous crop year).

Figure 3: Extra virgin olive oil, Chania, Greece.

The latest figures for the price of extra virgin olive oil in Trás-os-montes-Portugal, Portugal, put it at €570 per 100kg.

In the first week of March the prices for extra virgin olive oil in Tunisia reached €518 per 100kg.

https://www.internationaloliveoil.org/what-we-do/economic-affairs-promotion-unit/#prices

EU27 – Harmonised index of consumer prices – Olive oil

International Olive Council

In February, the annual variation rate of the Harmonised index of consumer prices (HICP) for olive oil in the EU-27 stood at +26.9%.

The HICP in the EU-27 in the month of February stood at 131.4 (2015 = 100).
The variation rate of the HICP stood at +26.9% compared to the same period previous crop year or +4% compared to the previous month.

By countries, the largest increases took place in Romania, Ireland, and France while Denmark, Sweden, Portugal, and Germany reached the smallest increases. 3 countries remain above the EU-27 value.