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Wholesale prices for olive oil in Greece have begun to fall recently, ending a sharp rise in prices at the beginning of the season that spooked consumers with predictions of up to 20 euros per liter on supermarket shelves.
Olive oil is considered a staple for cooking in the eastern Mediterranean country of 11 million people, which has one of the world’s highest per capita consumption rates.
However, according to the latest data, wholesalers buy oil from manufacturers already at 7.5-7.8 euros per kilogram, despite the fact that two weeks earlier, this price reached 9.36 euros per liter.
Stock availability for the new 2023 crop, coupled with reduced demand due to consumer wariness, has brought an end to the continuous rise in trade rates and retail prices.
However, according to market analysts, producers are also stocking up on new crop products in anticipation of higher prices. Sales of olive oil in Greek supermarkets fell from 25,000 tons to 18,000 tons in the latest period, market observers said.
Globally, consumption fell by about 40%, and Spain, the long-time global leader in production, recorded a 17% drop in demand.
Sector representatives told Ot.gr this week that prices this season started at 8.5 to 9 euros per kilogram, although lower production still means higher prices for the extra virgin variety. Last month prices reached 9.2 euros per liter, and the latest deal between the producers’ cooperative and the wholesaler fell to 7.7 euros.
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