Olive oil: prices expected to fall in autumn

Olive oil producers expect prices to start falling in the autumn. Market analysts attribute this to a decline in consumer demand in Greece, as consumers have started using other types of oil due to exorbitant prices.

As reported to the site “newsit.gr“President of the Agricultural Cooperative of Chania, Charilaos Vladakis, the price of extra virgin olive oil from the manufacturer is currently around 6.7 euros per liter, compared to 8.10-8.70 euros two months ago. According to Mr. Vladakis, this reduction in producer prices is due to a 30-40% drop in demand in Greece.

Falling prices in Greece are forcing more producers to export their products to European Union countries such as Italy, which imports Greek olive oil in bulk at a price of 7.0-7.3 euros per liter.

As for the outlook for the price of extra virgin olive oil in Greece, producers expect that it will at best remain at the current level, while they do not hide their fears that it could even fall below 6 euros. As the growth of olive oil production not only in Greece but also in other Mediterranean countries is taken for granted, the producer price is also expected to fall.

Regarding the price on supermarket shelves, Mr. Ikonomou (SEVITEL) said that the price per liter is estimated to fall from the current 12-13 euros per liter to 8 euros, which could affect the general price index, which will fall even further. However, the new, expectedly lower prices for olive oil on the shelf will not begin to appear until November next year, when the picture of production levels for the 2024-25 season will become clearer.

For now and until the end of September and beginning of October, according to Mr. Ikonomou, there is a wait-and-see attitude regarding prices, which will depend on the level of production this year, as well as on the unused amount of last year's production.

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