Greek consumers are watching in horror as the price of extra virgin olive oil breaks record after record.
Market participants see no limit to price increases, as production in Greece, Italy, Spain and Turkey is reduced this year, they say, due to weather conditions.
Consumers are looking for “cheap deals” for olive oil on supermarket shelves to find the best price. Some prefer liter packs, others prefer bulkier containers to get the benefit.
ERT-3 journalist Christina Simeonidou found that extra virgin olive oil in two different supermarket chains costs between 5.28 and 14 euros per liter, while options from the “Family Basket” start from 7.05 to 9.31 euros per liter.
According to ELSTAT, in July, prices for oils and fats rose by 10.6% compared to the same month last year. However, judging by real prices from retail chains, this increase has reached 40% and, apparently, will reach 100% in the near future.
The export of Greek olive oil to Spain and Italy increased demand in the domestic market and, as a result, raised the price. It is characteristic that in October 2022 the manufacturer sold oil at 3.5 euros per liter, and today it has grown to 8.5 euros!
A further increase in prices for olive oil is expected in the new price lists, which supermarkets will put into effect from September this year.
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