The figures so far show a de-escalation in olive oil prices, as despite the drought, this year’s production will increase compared to last year.
The Agricultural Olive Cooperative of Agios Apostolos Voia in Laconia made the first tons of olive oil available for 10.20 euros per litre. In Messinia, it was sold at 6.90 euros per litre, Crete from 6.70 euros to 6.80 euros per litre, and in Laconia, 7 euros to 7.50 euros per litre.
These prices are 10%-15% lower than the corresponding last year and about 20%—25% lower than the highest price recorded last January when the wholesale price of olive oil were closer to 9 euros per litre.
Wholesale prices are lower than last year, which will lead to prices of 10 euros per litre on supermarket shelves, a reduction of close to 20% to 25%.
Preliminary data from the European Commission show that this year’s oil production in Greece will reach 250,000 tons, an increase of 42.9% compared to last year when it rose to 175,000 tons.
At the EU level, production is estimated at 1.95 million tons, an increase of 27.5% compared to last year, when it reached 1.53 million tons.
This year, production has fully recovered, but only in Spain—the main olive-producing country in Europe and the world—Italy, and also in the North African countries, with the consequence of the fall in international olive oil prices.
The wholesale price of olive oil in Spain has decreased correspondingly (-10% on an annual basis), while in Italy, the new production season started with an increased wholesale price (+5% on an annual basis).
The increase in the price in Italy is attributed to the reduced production of Italian oil, but it seems that it does not affect the prices in Greece and internationally.
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