Olive oil crisis: Spanish farmers accuse supermarkets of inflating prices amid production shortages

Spanish olive oil producers say big supermarkets are making huge profits at the expense of consumers by making a 59% margin over the initial price.

Transcript

00:00Heat waves and drought have been crippling olive oil production in recent years.

00:05Spain, the world's largest olive oil provider, expects production to drop by 50 percent in 2024.

00:13On top of creating a perfect breeding ground for counterfeit products,

00:18shortages sent prices through the roof. A study by farmer association Uñoyauradora

00:25argues supermarkets increased margins over producers by 75 percent over last year.

00:43Supermarkets deny inflating prices.

00:56Consumer organizations say prices remained high despite the complete

01:02elimination of VAT on olive oil in Spain since July the 1st.