Olive oil price soars and Brazil records highest inflation in 7 years

The Brazilian consumer will feel the increase in the price of olive oil in the coming months. Accumulated product inflation in 12 months reached 26.69%, according to data from the Broad Consumer Price Index (IPCA) for October.

While other items in the basic food basket show a slight reduction, the average price of olive oil increases. Inflation in the 12 months up to October was 4.82%, while food and beverages registered an increase of 0.48%.

Experts point out that olive oil has not yet reached its peak price and therefore should continue to rise, due to climate issues, which affect olive tree plantations, and the impacts caused by the war between Ukraine and Russia, in addition to the exchange rate issue.

Brazil is the third largest importer of olive oil and extra virgin olive oil in the world, with 8% of all global production, behind only the European Union (17%) and the United States (35%), which are in second and first position. ranking, respectively.