Rising Olive Oil Prices Transforming it into a Luxury Good in Greece

According to the president of a major olive producers' union in Greece, the rising prices of olive oil have transformed it from an essential part of Greek culture and cuisine into a luxury item.

The wholesale price of olive oil in Crete, one of Greece's primary olive oil producing regions, is currently around €8.40 per liter, which would result in a retail price of approximately €12 to €15 during the winter months.

The vice president of the Heraklion Agricultural Cooperative (EASH) expressed that 80% of the country's olive oil production is exported, contributing to the soaring prices domestically. He suggested that Greece should have followed Turkey's example and imposed a ban on exporting olive oil to prevent this situation.

The average price of olive oil on store shelves has now reached €13, representing a 35% increase in price in August alone. In response to a shortage of olive oil production in Mediterranean countries and the subsequent negative impact on domestic prices, the Turkish Trade Ministry announced a three-month export ban on bulk and barrel olive oil on August 1st.