Olive oil prices 2022

Olive oil prices have reached an all-time high in Spain after "unprecedented" market developments. Prices for all varieties of olive oil rose sharply after the governments of Spain and Andalusia published official estimates of the harvest, which were significantly lower than initial expectations.

Despite ingrained expectations of a disastrous harvest, few in Spain were prepared for the fact that olive oil prices reached a record high last week. Olive oil has never had such a high cost price.

According to Poolred, an olive oil price database run by the Government of Andalusia, extra virgin olive oil is currently sold at a price of 4,397 euros per 100 tons, extra virgin olive oil at a price of 4,261 euros per 100 tons, and lampante olive oil at a price of 4,005 euros per 100 tons. This is an increase of 25-47 percent compared to the same period last year.

Usually, world prices are tied to the harvest in Spain, since the country is the world's largest producer of olive oil by a significant margin, accounting for about half of the world's harvest in any given year. When production is low in Spain, prices are high, and when there is a lot of production in Spain, prices fall. This has been the case for the last 40 years. However, this year's harvest, which may turn out to be the worst in the last decade, coincided with a significant decline in other major producers, including Italy, Morocco, Portugal and Tunisia.