The Economist Gonzalo Bernardos has issued a warning about the future of the price of olive oil in Spain, which continues to experience an unprecedented rise. According to Bernardos, this upward trend has remained constant since the beginning of the year, with notable increases for both sweet and extra virgin oil. The expert points out that last year’s poor harvest, which reduced production by 55%, and the persistent drought are to blame for this rise in prices.
“Normally, a good harvest is followed by a bad one. The 2022/2023 harvest was very bad. The 23/24 harvest is going to be an exception to the rule and it is also going to be very bad because it is very difficult. “It’s raining enough to restart production, especially in Andalusia,” Bernardos explained.
The direct consequence of this situation is a significant increase in the price of olive oil, which is currently around 9 euros per liter, a figure never seen on the Spanish market. Furthermore, Economist warns no short-term improvement in sight, since there is no sign of improvement in climatic conditions favorable to the harvest and therefore to the production of oil. “When production decreases, the product becomes scarce and the price increases,” said the professor from “Más Vale Tarde”.
Asked by the host of the show, Iñaki López, about the reasons for the increase in the price of olive oil, Gonzalo Bernardos said that the cost in Spain is higher than in other European countries, even though the country is the main producer of olive oil. this product. “Perhaps in supermarkets this is what was exported by Spain four or five months ago,” he pointed out as a possible explanation. In addition, the expert highlighted the difficulty of olive oil gaining ground in international markets, which could lead to a strategy of selling at a lower price outside of Spain to maintain market share.
This situation has caused concern among consumers, because olive oil is a basic element of Spanish cuisine and its price increase has an impact on the cost of the basket. Given this panorama, Bernardos suggests that consumers should adapt to high prices andIn the near future, given that everything indicates that the situation will persist over time, be attentive to any change in climatic conditions that could influence olive oil production.