The Rise of Olive Oil Prices: Implications for Consumers and Importers

2023-09-27 16:10:33

Published on September 27, 2023 at 6:10 p.m. Modified on September 27, 2023 at 7:51 p.m.

It’s the turn of the olive oil. The prices of this highly prized commodity are reaching historic values. In the United States, the Department of Agriculture made state this month of an increase to 8,900 dollars per tonne (the previous record, at 6,242 dollars, dated from 1996). In Spain and Italy, whether refined, virgin or extra-virgin, increases of the same ilk are recorded.

Over the first eight months of this year, Switzerland paid more for a smaller quantity of olive oil, according to federal customs. From January to August, 10,862 tonnes were imported, which cost 77.4 million francs. A year earlier and over the same period, the country had paid 69 million francs for 11,800 tonnes. Over the last twenty years, imports have exploded (from 7.8 million tonnes in 2000 to 17.4 million tonnes in 2022). Last year, the commodity came mainly from Italy, then from Spain and Greece.

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