Prices of Some Basic European Foodstuffs Keep Skyrocketing

Sharing is Caring!

via kake

BRUSSELS (AP) — These days, think twice before you lavishly ladle olive oil onto your pasta, salad or crusty bread.

Olive oil, a daily staple of Mediterranean cuisine and the life of many a salad throughout Europe, is experiencing a staggering rise in price. It’s a prime example of how food still outruns overall inflation in the European Union.

Olive oil has increased by about 75% since January 2021, dwarfing overall annual inflation that has already been considered unusually high over the past few years and even stood at 11.5% in October last year. And much of the food inflation has come over the past two years alone.

See also  European equities stagnate, overregulation throttles innovation, AfD win could spark change.

In Spain, the world’s biggest olive oil producer, prices jumped 53% in August compared to the previous year and a massive 115% since August 2021.

Apart from olive oil, “potato prices were also on a staggering rise,” according to EU statistical agency Eurostat. “Since January 2021, prices for potatoes increased by 53% in September 2023.


125 views