Spain's olive oil sales drop 18%, sunflower oil sales rise 25% due to heatwave, drought, and rising prices; gov't cuts VAT on olive oil.

Spain's olive oil sales have dropped 18% in the first half of 2024 as sunflower oil sales increased by 25%. This shift was mainly due to rising olive oil prices caused by heatwaves and drought, making it unaffordable for lower-income households. Sunflower oil, which is cheaper, has become the preferred choice for many households. The Spanish government has since cut the value-added tax on olive oil to make it more affordable.

August 21, 2024
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