Olive oil has become a luxury item worldwide due to its price hike. In Brazil, supermarkets now treat it as such, with some chains even using anti-theft security seals on the product bottles, similar to high-end alcoholic beverages, cosmetics, and consumer electronics.
The price of olive oil in Brazil has risen significantly, with data from IPCA (Broad Consumer Price Index) showing a 44.23% increase since 2020. Last year alone, the increase reached 24.7%, according to the Brazilian Supermarket Association (Abras).
This price hike has led to a rise in thefts and operations to confiscate counterfeit or unfit-for-consumption olive oils. For example, the Ministry of Agriculture and Livestock intercepted a shipment of 20,400 liters of counterfeit olive oil from Argentina in early March. Additionally, the Civil Police of Rio de Janeiro shut down an underground cooking oil factory last month.