Drought hits olive oil, prices break records

SHAFAQNA Türkiye – The price of olive oil in Europe has risen because of the drought. This issue has become one of the main items on the agenda in Spain ahead of the elections next week.

Olive oil, which topped 4 euros (116 Turkish lira) per kilo for the first time in September, has surged to 7 euros on rising temperatures and lack of rain in Spain, the world’s biggest producer, according to the Financial Times. as well as Italy and Portugal” (205 TL).

In Turkey, food retailers said retail olive oil prices rose more than 77 percent in two months.

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

THE TOPIC WAS ONE OF THE MAIN AGENDA OF THE COUNTRY

Spanish officials said the devastating effects of heat waves and water shortages demonstrated the urgency of addressing climate change. The issue has become an important item on the agenda ahead of the Spanish elections next week.

Although it rained in Spain’s warmer regions last June, farmers said the rains were too late to feed the fruit.

The Spanish Ministry of the Environment has announced that a third of the country is experiencing a “prolonged drought”.

In Spain, where olive oil is a staple with a big impact on the economy, consumers have also begun looking for the most affordable products.

CLIMATE CHANGE RAISE INFLATION

The experts also mentioned the impact of olive oil on food prices, warning that climate change could put significant pressure on global inflation.

Olive oil analyst and University of Jaén professor Juan Vilar said that due to the energy crisis, which has raised fertilizer prices and inflation, farmers’ costs are rising, which in turn leads to higher prices.

Analysts have also warned that olive oil stocks will drop sharply before the next harvest season.

INCREASED IN TURKEY

In Turkey, it is stated that retail prices for olive oil have increased by more than 77 percent in two months.

Speaking to Sozcu.com.tr, food retailers said that both global effects and exchange rate appreciation were effective in this, and another important effect was that the olive oil currently sold was a product of last production and supply season. was limited.