European Food Prices Surge Due to Drought, War Impacts

Olive oil prices in Europe have increased by about 75% since January 2021, far exceeding overall inflation.

In Spain, the world's largest olive oil producer, prices jumped 53% in August 2022 and 115% since August 2021.

Potato prices rose 53% from January 2021 to September 2022 across the EU.

Food inflation disproportionately affects lower income families.

Olive oil production in Spain could drop 35% for 2023-24 due to drought, high temps, and fertilizer costs.