Olive oil: price increased to 15 euros per liter

Olive oil has been commanding high prices for some time now, with production this year estimated to be 50% lower than last year.

There are also concerns about production volumes heading into the next growing season, according to the Free Press. Representatives of the agricultural sector fear a further decline in yields. A mild winter and unseasonably warm temperatures will likely impact tree fruiting in 2024 and limit oil production (estimated to be even lower than the 2.3 million tonnes “mined” after the 2023 harvest).

In the same time Demand for olive oil remains particularly high due to underproduction in all Mediterranean countries and supplies running lowwhich means that prices will continue to rise.

It is significant that on the eve of Christmas the price of extra virgin olive oil exceeded the 10 euro mark. In particular, the Agricultural Cooperative of Olive Producers of Paleopanagia entered into a commercial agreement with a Greek processing company for sale of 30 tons of extra virgin olive oil from this year’s harvest at a price of 10.11 euros per liter. A few days earlier, the Transformation Agricultural Cooperative sold 20 tons at a price of 9.364 euros per liter. And the agricultural cooperative Agios Apostolos, which made the first commercial transaction of this year’s olive growing season at a price of 9.25 euros per liter.

And, mind you, this is the price at which manufacturers sell the product. And then how much will 1 liter of oil cost in the supermarket, taking into account all the “surcharges”?!

However, prices are also on an upward trajectory in other regions of Greece, with Crete consistently selling at above €9 per liter and Mytilene having trade agreements above €10 per litre. In Messinia, prices range from 8.3 to 8.9 euros per liter.

Wherein the price of extra virgin olive oil on store shelves ranges from 12.3 to 16.7 euros per liter, while this year’s production has not yet appeared on the shelves.

In fact, according to market representatives, it the retail price will be consistently above 15 euros per liter.

In other olive-producing countries, the dynamics remain positive: prices in Italy reach 9 euros per liter, and in Spain – from 8.5 to 9.5 euros. Italy’s extra virgin olive oil inventories fell 38% year-on-year to 128,092 tonnes.

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