Hold the olive oil! Prices of some basic European foodstuffs keep skyrocketing

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Hold the olive oil! Prices of some basic European foodstuffs keep skyrocketing
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Olive oil is continuing its staggering rise in prices in Europe.

FILE - A tank is filled with olive oil at the"La Betica Aceitera" oil mill in the southern town of Quesada, a rural community in the heartland of Spain's olive country, Thursday, Oct. 27, 2022. Olive oil has increased by some 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.

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 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.

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.

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