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Olive oil prices rise 157% in two years. A bottle now costs more than 11 euros – Executive Summary

Olive oil prices rise 157% in two years. A bottle now costs more than 11 euros – Executive Summary

The war in Ukraine caused the prices of some food items to rise. After the conflict began, on 24 February 2022, prices of products such as cooking oil rose rapidly and sharply. As the year went on, while the price of cooking oil followed a downward trend, the price of extra virgin olive oil also began to rise, according to an analysis by Deco/Proteste.

In January 2022, a 75-litre bottle of olive oil costs €4.46, but two years later, to buy the same bottle of olive oil, you have to spend €11.46 (157 percent more). Cooking oil, which saw its prices rise shortly after the war began, was 5% cheaper in March 2024 than in the first week of 2022. A one-litre bottle costs €2.19, but arrived at a cost of €3.87, in March. 30, 2022.

Edible oil prices are falling

Cooking oil was the product with the highest price increase after the war began in 2013 A food basket containing 63 types of foods It is monitored by DECO PROteste. On February 23, 2022, The day before the war began In Ukraine, A One liter bottle costs 2.43 euros. Five weeks later, on March 30, 2022, this product appeared It reached the highest price Since the Consumer Protection Organization monitors food prices: 3.87 euros (59% more than on the eve of the war in Ukraine). However, after several consecutive weeks in 2022 above €3.50, the price of this product began to decline. a March 20, 2024A bottle of vegetable cooking oil actually costs 2.19 euros10% less than it was before the war started.

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Why did the price of cooking oil increase?

Until the beginning of the war, Ukraine was one of the largest producers of sunflower oil in the world. However, the uncertainty associated with the war raised vegetable oil prices to historic levels around the world, which was reflected in supermarket prices, especially in Portugal. It was these sharp rises in food prices that prompted the government to sign an agreement with the agricultural food distribution and production sectors to exempt value-added tax on a basket of basic food commodities. This measure was effective between April 18, 2023 and January 4, 2024. Cooking oilwhich had until then been subject to a 23% value-added tax, with the value-added tax reinstated on January 5th It began to be taxed at 13 percent. Although the re-imposition of the tax contributed to rising food prices, on March 20 of this year, the cost of cooking oil rose. Minus 85 cents (28%) lower than on April 17, 2023, the day before the zero-sum VAT came into force.

A bottle of oil now costs more than 11 euros

On the other hand, the price of extra virgin olive oil continues to rise. a March 20 of this yearbuying 75 cl bottle of olive oil It requires expenses, on average, 11.46 euros, Plus 7 euros than in January 2022, when to purchase a 75 cl bottle of olive oil a consumer only needed to spend 4.46 euros (Minus 157 percent).

However, in the case of olive oil, unlike cooking oil, the largest price increase was not recorded after the start of the war in Ukraine. In the End of 2022The cost of a bottle of olive oil 5.85 euros (1.38 euros more), 31% more than at the beginning of this year. However, in End of 2023The price of a bottle of olive oil has already risen to 9.44 eurosmore 61% (3.59 euros more) compared to the same period last year and Plus 111% (4.98 euros more) compared to the first week of 2022.

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According to DECO PROteste data, the entry into force in April 2023 of the exemption from value-added tax on the food basket helped stop a further rise in olive oil prices. However, in September 2023, the price of this product began to rise again. On February 7 of this year It reached the highest price Since DECO PROteste monitors the price of this product: 11.91 euros. On March 20, it decreased slightly to 11.46 euros.

Why did the price of extra virgin olive oil increase?

a Decrease in production Olives in Portugal and Reducing reserves The availability of olive oil in national markets has led to an increase in olive oil prices. According to the first estimate of the agricultural economic accounts of the National Institute of Statistics, in 2023 it is expected that olive oil production will decrease by 8.3% in volume due to the sharp decline in olive production in the 2022/2023 season. Although production increased in the last campaign (2023/2024), the volume should not be enough to compensate for the decline in the previous year. The decline in production, as well as the increase in national olive oil exports to the Spanish market, is expected to continue to put pressure on the price of olive oil in 2024, according to estimates by the National Institute of Statistics.

Oil or olive oil: Select options to save

If you make some changes to the way you cook food, you can save a few euros. Although extra virgin olive oil has a higher nutritional value than cooking oil, it does not always have to be the first choice.

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For frying, vegetable frying oil is the best choice. When immersed in hot oil, the composition of the fat is modified, part of the unsaturated fatty acids is destroyed, leaving other compounds that are less beneficial to health. The best option is oil specially processed for frying, as the antioxidants and additives it contains prevent further changes.

For salad dressings, or other uses raw, for example, in soups, it is preferable to use extra virgin olive oil. But avoid excesses. One tablespoon per person is enough.