Rising Prices for a Popular Product Due to Heat and Drought in Europe – Forecast

Wildfires in Greece, Portugal, and Italy are destroying olive groves, while heat and drought across Europe are hitting harvests, driving up food prices, including olive oil. In Britain, the price of a bottle of oil has exceeded seven pounds. Yields of grains, corn, and vegetables are falling. In France, grape harvesting will begin on August 15, almost a month earlier. Spain forecasts a drop in grain harvest to 18.5 million tons. The European Commission has worsened forecasts for sunflower, corn, potatoes, and soybeans.

Severe wildfires in Greece, Portugal, and Italy are destroying olive groves, and abnormal heat and drought across Europe are dealing a serious blow to agriculture, leading to higher food prices, including olive oil. In the UK, the price of a bottle of quality olive oil has already exceeded seven pounds sterling. Across Europe, yields of grains, corn, and vegetables are falling. The French vegetable growers' association reports multi-million losses due to the death of thousands of tons of carrots, onions, and garlic. In France, in the regions of Champagne, Bordeaux, and Burgundy, grape harvesting will begin on August 15, almost a month earlier than usual, which could be a record. Spain's Ministry of Agriculture forecasts a drop in grain harvest to 18.5 million tons compared to 204 million a year earlier. The European Commission has revised forecasts: sunflower production will decrease by 7%, corn by 6%, potatoes and soybeans by 3%. The Spanish organization ASAJA notes that in addition to natural disasters, farmers suffer from rising production costs due to combating the effects of the climate crisis.