‘I think it’s crazy’ – Locals in Madrid react as olive oil prices surge to record high

« Residents of Madrid shared their views on the surging price of olive oil, which has hit a new record recently.
« It’s so expensive because it’s necessary to live, so if it has an alarm, it’s because people need it, » said Ana, a local resident, adding ‘it’s crazy!’.
Footage recorded on Sunday shows people buying groceries at a supermarket as well as anti-theft alarms on olive oil bottles. According to Lucia, a local student, the fact that alarms are now part of the bottles is valid because many people were stealing the goods after substantial price hikes.
« Personally, as a student, it is very expensive, but I understand that it is not because they want to; the circumstances and the context are what make prices go up, » she said.
Local media reports suggest that during the two last years the country has experienced severe droughts which were the cause behind the increase in the prices of olive oil, while production has dropped by 50 percent due to severe drought.
Extra virgin olive oil prices reached €8,300 ($8,889) per metric tonne in Spain, a reported 115 percent higher compared to last year while theft crime has surged. Spain registered the driest start to a year in the first four months of 2023, record-high temperatures and wildfires in summer, leaving expectations low for this year’s harvest . The country produces around 45% of the world’s olive oil. »



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