The price of ‘virgen extra’ olive oil has risen by 3.9% in the past seven days and the price of the lower quality oil has risen by 8% in the same period.
The olive oil market has not changed since Roman times, with the Spanish producing the oil and the Italians marketing it and therefore setting the price to the consumer.
This year the Italians have had to pay more to Spain for the oil and this, of course, is reflected in the overall market price. Spanish farm collectives say that the olive oil production is finally becoming profitable.