Spain is the world’s biggest olive oil producer, covering 70% of European Union consumption and 45% of that of the entire world. But a lack of rain that olive-producing areas around Spain have been seeing has had an enormous impact on both the amount of oil being produced – and its price. In Spain, olive oil prices have increased by more than 70% this year alone after a sharp rise in 2022, with one-litre bottle of extra virgin oil currently costing around €9 ($9.88; £7.79). The rise in the price of olive oil in Spain has been echoed across Europe – however in some countries, the increase has not been quite as sharp. A recent trend, for example, has seen Spaniards who live near Portugal crossing the border to buy slightly cheaper oil there.
Olive oil price skyrockets as Spain suffers summer droughts for second year | BBC News
