Drought hit olive oil, prices broke records

Olive oil prices in Europe increased due to the drought. The issue has become one of the main items on the agenda in Spain ahead of next week’s elections.

According to information transmitted by the Financial Times, olive oil, which exceeded 4 euros (116 TL) per kilo for the first time in September, rose to 7 euros due to rising temperatures and lack of rainfall in Spain, the world’s largest producer, as well as Italy and Portugal.’ (205TL).

In Turkey, food retailers reported that olive oil retail prices increased by more than 77 percent in two months.

“Our crop has been very poor, prices have never been higher and concerns go beyond last season,” said Kyle Holland, an oilseeds and vegetable oils analyst at commodity data firm Mintec.

THE SUBJECT WAS ONE OF THE MAIN AGENDAS OF THE COUNTRY

Spanish authorities said the devastating effects of heat waves and water shortages showed the urgency of tackling climate change. The issue became a critical item on the agenda ahead of next week’s elections in Spain.

Although the hot regions of Spain received rains last June, farmers said the rains came too late to feed the fruits.

The Spanish Environment Ministry announced that a third of the country is experiencing a ‘prolonged drought’.

In Spain, where olive oil is a staple that has a major impact on the economy, consumers have also started to investigate where to buy the most affordable products.

CLIMATE CHANGE FEEDS INFLATION

The experts also mentioned the impact of olive oil on food prices and warned that climate change could create significant pressure for global inflation.

Olive oil analyst and University of Jaen professor Juan Vilar said that due to the energy crisis driving up fertilizer prices and inflation, farmers’ costs are rising, which in turn drives up prices. prices.

Analysts also warned that olive oil stocks would drop sharply until the next harvest season.

INCREASED IN Türkiye

In Turkey, olive oil retail prices are claimed to have increased by more than 77 percent in two months.

Speaking to Sozcu.com.tr, food retailers claimed that both global effects and the increase in the exchange rate were effective in this, and another important effect was the limited supply of olive oils currently sold, which They were the product of the last production. season.