Greece has seen its second-highest increase in olive oil prices in over a year, according to data from the European Union’s statistics arm Eurostat.

Based on that data, Greece has seen a 67 per cent increase in prices, which is well above the EU average of 50 per cent.

The other two nations with the highest spike were Portugal with a nearly 70 per cent rise and Spain with 63 per cent. Alongside Greece, they together produce most of Europe’s olive oil.

Eurostat say the price of olive oil skyrocketed in the second half of last year, with a 37 per cent increase in August compared to that same month in 2022.

The trend just accelerated, in September it was up 44 per cent, 50 per cent in October and a peak of 51 per cent in November.

According to the National Bank of Greece, olive oil accounts for nine per cent of the total agricultural production value in the country, compared to one per cent in Europe, and a higher percentage of GDP in Greece (0.4 per cent) than in Spain or Italy.

The spike in prices can be accounted to a shortage in oil after fires and drought damaged harvests in the Mediterranean for a second year in a row.

Australia is also impacted by this, which only adds more price worry to customers going through a cost of living crisis and while supermarkets face price gouging accusations

In an interview with Neos Kosmos last year, Jim Katsaros, a shop owner in Melbourne’s Preston Market said retailers have seen steep increases in the cost of imported olive oil from Europe, including Greece.

He said that in November, olive oil from Crete was around the $60 mark, even up to $70. Only four months prior it was at $36 – $40. He also added that every time a new delivery came in, there was an increase of as much as $10.

In 2024, the approximate price range for olive oil is between $14.57 and $26.36 per kilogram.

Looking at current Coles prices, Monini Classico Italian is $3.20 per 100ml, with a 750ml bottle costing $24.

La Espanola Olive Oil is $1.90 per 100ml, meaning 500ml’s is $9.50.

Looking online, Greek olive oil’s ALTIS, ARGOLIS and ARKADAS will set one back $65-$70 for four litres.