Current:Home > BackHold the olive oil! Prices of some basic European foodstuffs keep skyrocketing-DB Wealth Institute B2 Expert Reviews
Hold the olive oil! Prices of some basic European foodstuffs keep skyrocketing
View Date:2024-12-23 20:18:13
BRUSSELS (AP) — These days, think twice before you lavishly ladle olive oil onto your pasta, salad or crusty bread.
Olive oil, a daily staple of Mediterranean cuisine and the life of many a salad throughout Europe, is experiencing a staggering rise in price. It’s a prime example of how food still outruns overall inflation in the European Union.
Olive oil has increased by about 75% since January 2021, dwarfing overall annual inflation that has already been considered unusually high over the past few years and even stood at 11.5% in October last year. And much of the food inflation has come over the past two years alone.
In Spain, the world’s biggest olive oil producer, prices jumped 53% in August compared to the previous year and a massive 115% since August 2021.
Apart from olive oil, “potato prices were also on a staggering rise,” according to EU statistical agency Eurostat. “Since January 2021, prices for potatoes increased by 53% in September 2023.
And if high- and middle-income families can shrug off such increases relatively easily, it becomes an ever increasing burden for poorer families, many of which have been unable to even match an increase of their wages to the overall inflation index.
“By contrast,” said the European Trade Union Confederation, or ETUC, “nominal wages have increased by 11% in the EU,” making sure that gap keeps on increasing.
“Wages are still failing to keep up with the cost of the most basic food stuffs, including for workers in the agriculture sector itself, forcing more and more working people to rely on foodbanks,” said Esther Lynch, the union’s general-secretary.
Annual inflation fell sharply to 2.9% in October, its lowest in more than two years, but food inflation still stood at 7.5%.
Grocery prices have risen more sharply in Europe than in other advanced economies — from the U.S. to Japan — driven by higher energy and labor costs and the impact of Russia’s war in Ukraine. That is even though costs for food commodities have fallen for months.
Even if ETUC blames profiteering of big agroindustry in times of crisis, the olive oil sector has faced its own challenges.
In Spain, for example, farmers and experts primarily blame the nearly two-year drought, higher temperatures affecting flowering and inflation affecting fertilizer prices. Spain’s Agriculture Ministry said that it expects olive oil production for the 2023-24 campaign to be nearly 35% down on average production for the past four years.
___
Ciarán Giles contributed to this report from Madrid.
veryGood! (86334)
Related
- Full House Star Dave Coulier Shares Stage 3 Non-Hodgkin's Lymphoma Diagnosis
- Your Labor Day weekend travel forecast
- Three found dead at remote Rocky Mountain campsite were trying to escape society, stepsister says
- Canada issues US travel advisory warning LGBTQ+ community about laws thay may affect them
- Disney Store's Black Friday Sale Just Started: Save an Extra 20% When You Shop Early
- Food ads are in the crosshairs as Burger King, others face lawsuits for false advertising
- Your Labor Day weekend travel forecast
- Affected by Idalia or Maui fires? Here's how to get federal aid
- New Yorkers vent their feelings over the election and the Knicks via subway tunnel sticky notes
- Dolphins' Tyreek Hill won't be suspended by NFL for June marina incident
Ranking
- SNL's Chloe Fineman Says Rude Elon Musk Made Her Burst Into Tears as Show Host
- He collapsed in 103 degree heat working his Texas UPS route. Four days later he was dead.
- Fast-track deportation program for migrant families off to slow start as border crossings rise
- Amal and George Clooney’s Date Night in Italy Is the Perfect Storm for Amore
- Are Dancing with the Stars’ Jenn Tran and Sasha Farber Living Together? She Says…
- Scientists say study found a direct link between greenhouse gas emissions and polar bear survival
- Trump trial in Fulton County will be televised and live streamed, Georgia judge says
- Back-to-school sickness: Pediatrician shares 3 tips to help keep kids healthy this season
Recommendation
-
Infowars auction could determine whether Alex Jones is kicked off its platforms
-
Emergency services leave South Africa fire scene. Now comes the grisly task of identifying bodies
-
Woman's leg impaled by beach umbrella in Alabama
-
Horoscopes Today, August 31, 2023
-
Craig Melvin replacing Hoda Kotb as 'Today' show co-anchor with Savannah Guthrie
-
Owners of Scranton Times-Tribune, 3 other Pennsylvania dailies sell to publishing giant
-
Police stop Nebraska man for bucking the law with a bull riding shotgun in his car
-
Yale President Peter Salovey to step down next year with plans to return to full-time faculty