According to the Brazilian National Geographic Statistics Institute (IBGE), the price of olive oil in Brazil has increased by nearly 50% compared to last year. In Europe, many people already refer to olive oil as "liquid gold".

According to G1, the reason for the surge in global olive oil prices this year is not limited to Brazil, mainly due to the drought that has hit production in Portugal and Spain in the past three years.

"Global supply has fallen dramatically, to less than half, while demand has remained the same, causing prices to soar," explains Commercial Director Joao Teixeira.

Prices have risen so sharply that some supermarkets in Portugal have now installed anti-theft devices on olive oil bottles.

The good news is that after two bad harvests, European olive oil production is expected to increase by 50%, and prices are expected to fall, but not immediately.

"I believe that consumers will have more olive oil available, which also means that prices may fall," Joao Teixeira said.

The price reduction is forecast for 2025, when the current harvest of olive oil will enter the market.