{"id":19558,"date":"2023-12-08T10:35:47","date_gmt":"2023-12-08T10:35:47","guid":{"rendered":"https:\/\/www.selinawamucii.com\/news\/?p=19558"},"modified":"2023-12-08T11:19:50","modified_gmt":"2023-12-08T11:19:50","slug":"olive-oil-prices-soar-in-europe-attract-counterfeiters","status":"publish","type":"post","link":"https:\/\/www.selinawamucii.com\/news\/2023\/12\/08\/olive-oil-prices-soar-in-europe-attract-counterfeiters\/","title":{"rendered":"Olive oil prices soar in Europe, attract counterfeiters\u00a0"},"content":{"rendered":"\n<p>Long-term drought in Spain and Italy has sent<a href=\"https:\/\/www.selinawamucii.com\/70-foods-that-start-with-o\/\"><u>&nbsp;olive oil<\/u><\/a>&nbsp;prices to 9 Euros ($9.71) a litre in the most affordable stores.&nbsp;<\/p>\n\n\n\n<p>At the same time, police in Greece, Spain and Italy have cornered counterfeiters selling ordinary oil as extra-virgin.<\/p>\n\n\n\n<p>The root for the skyrocketing price and counterfeiting lies in Spain\u2019s dominance of the product. Producing 70% of global olive oil, Spain calls the shots and olive shortage in the country creates a chain reaction worldwide.<\/p>\n\n\n\n<p>The world\u2019s largest olive oil press, Spain\u2019s Nuestra Sen\u00f3ra del Pilar, has already reported a 2023 production maximum of 35 million kg. This follows the low harvest of 24 million kg of olives in the 2023 season by the cooperative that supplies the factory.<\/p>\n\n\n\n<p>A BBC report which quotes Crist\u00f3bal Gallego Martinez, who heads the Nuestra Sen\u00f3ra del Pilar cooperative, underlines the shortage. \u00a0He says that<a href=\"https:\/\/www.bbc.com\/news\/world-europe-67565503\"><u>\u00a0high fuel, electric and fertiliser expenditure\u00a0<\/u><\/a>has also impacted the price of\u00a0olive oil.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-changing-weather-edges-productivity\"><strong>Changing Weather Edges Productivity<\/strong><\/h3>\n\n\n\n<p>A leading factor for the price surge is low olive supply from prolonged drought amid changing Mediterranean weather patterns.&nbsp;<\/p>\n\n\n\n<p>The region usually espouses balanced weather patterns of rain, drought and intermediate spells.&nbsp;These balanced conditions make Mediterranean countries produce<a href=\"#:~:text=Of%20the%20total%20production%2C%2095,and%20a%20hot%2C%20dry%20summer.\">&nbsp;95% of world olive production<\/a>, reports UN\u2019s Food And Agriculture Organisation (FAO). <\/p>\n\n\n\n<p>This time round, however, temperatures in the Mediterranean have been increasing&nbsp;<a href=\"#:~:text=The%20Mediterranean%20region%20is%20warming,on%20vulnerable%20economies%20and%20societies.\"><u>20% quicker&nbsp;<\/u><\/a>than the world\u2019s average. The United Nations Environmental Programme (UNEP) also cites a population of &nbsp;510 million and farming activities as adding pressure to nature.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-extra-virgin-sales-down\"><strong>Extra Virgin Sales Down<\/strong><strong><\/strong><\/h3>\n\n\n\n<p>Amid this shortage, sales of extra-virgin olive oil in Spain have plummeted while those of the cheaper olive oil have risen.<\/p>\n\n\n\n<p>Sales of extra virgin fell by 11% in the first 9 months of 2023, while olive oil prices rose by 63%. Since extra virgin accounts for 50% of all olive fats and oils that Spain produces, sellers are feeling the pinch.<\/p>\n\n\n\n<p>The crux of the matter is the phenomenal rise of price at origin. In October 2023, the price doubled to 8.32 Euro ($8.97) from the&nbsp;<a href=\"https:\/\/www.oliveoiltimes.com\/business\/olive-oil-sales-slump-in-spain-and-italy-amid-rising-prices\/125818\"><u>4.16 Euro<\/u><\/a>&nbsp;($4.49) per litre of October 2022.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-counterfeiters\"><strong>Counterfeiters<\/strong><strong><\/strong><\/h3>\n\n\n\n<p>Given the pricey nature of the edible product, police in Italy and Spain have had to impound counterfeit\u00a0<u><a href=\"https:\/\/www.selinawamucii.com\/newsletter\/a-list-of-10-super-healthy-foods\/\">olive oil<\/a><\/u>.<\/p>\n\n\n\n<p>On December 4, authorities in Spain and Italy spilled&nbsp;<a href=\"https:\/\/www.theguardian.com\/world\/2023\/dec\/04\/police-in-spain-and-italy-seize-5000-litres-of-adulterated-olive-oil-in-raids\"><u>5200 litres<\/u><\/a>&nbsp;of olive oil that sellers were passing as extra-virgin. The operation uncovered a cartel that was seeking to infiltrate the world market with the adulterated product.&nbsp;<\/p>\n\n\n\n<p>Europol police force blamed the activity on rising consumer inflation, high global demand amid low production.&nbsp;Other global producers including <a href=\"https:\/\/www.selinawamucii.com\/news\/2023\/10\/05\/south-africa-and-argentina-successfully-conclude-olive-harvests\/\">South Africa and Argentina&nbsp;<\/a>usually conclude their olive harvests in October, which makes year-end supply wanting.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Long-term drought in Spain and Italy has sent&nbsp;olive oil&nbsp;prices to 9 Euros ($9.71) a litre in the most affordable stores.&nbsp; At the same time, police in Greece, Spain and Italy have cornered counterfeiters selling ordinary oil as extra-virgin. The root for the skyrocketing price and counterfeiting lies in Spain\u2019s dominance of the product. Producing 70%&#8230;<\/p>\n","protected":false},"author":3,"featured_media":18178,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.3 (Yoast SEO v20.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Olive oil prices soar in Europe, attract counterfeiters\u00a0 - Selina Wamucii | Food &amp; Agriculture News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.selinawamucii.com\/news\/2023\/12\/08\/olive-oil-prices-soar-in-europe-attract-counterfeiters\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Olive oil prices soar in Europe, attract counterfeiters\u00a0 - Selina Wamucii | Food &amp; Agriculture News\" \/>\n<meta property=\"og:description\" content=\"Long-term drought in Spain and Italy has sent&nbsp;olive oil&nbsp;prices to 9 Euros ($9.71) a litre in the most affordable stores.&nbsp; At the same time, police in Greece, Spain and Italy have cornered counterfeiters selling ordinary oil as extra-virgin. The root for the skyrocketing price and counterfeiting lies in Spain\u2019s dominance of the product. 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