Increase in prices for olive oil by 145%

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The increase in the cost of agricultural production leads to higher prices for products such as olive oil and potatoes.

According to a study carried out by Eleftheros Typos using the latest available EL.STAT data, it shows that in the last two years (November 2021 – November 2023), the increase in production costs was mainly due to fertilizers, the prices of which have jumped by 32%, and agricultural machinery (+26.3%). This is followed by the costs of maintaining and constructing facilities (workshops, production lines), as well as mechanical equipment, which increased by 22% and 19%, respectively.

Wherein Product cost growth could reach 32% in two yearsbut it was even in the products fivefold. Moreover Olive oil leads the race for price increases.

In particular, during the period from November 2021 to November 2023, prices for olive oil jumped by 145.6%, potatoes and seeds by 34.6%, and animal products by 30.7%. With an increase in the overall production index by 24%, prices for crop products increased by 23.3%, and for livestock products – by 29.5%. In crop production, feed plants, vegetables, etc. are sold more expensive by 29%, fruits by 15.6% and wine by 14%, and in livestock farming, meat has risen in price by 28.7% in two years.

These revaluations occurred during the 2021-2022 period. Nevertheless, prices continued to rise further, albeit at a much lower rate, about 4%. In general, expenses for the formation of fixed capital showed a greater increase (17.2%) than consumables (15.8%). In the first category, the burden on farmers was significant due to an increase in agricultural machinery and equipment (+17.6%), tractors (+15.5%) and agricultural buildings (+14.6%). As for consumables, in addition to fertilizers, the largest price increases were shown by energy carriers and lubricants 16.3%, animal feed 12.6%, agricultural pharmaceuticals 12.5%, seeds 10.3% and veterinary drugs 10%.

However, it is worth noting that prices for fertilizers in November 2023 decreased by 15.2% compared to November 2022, energy and lubricants by 10.6%, and animal feed by 8.7%. Overall, the cost of consumables during this period was fixed at 5.2%, despite the fact that prices for fixed capital formation showed an increase (4%).

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