Although the olive oil production scenario in Greece appears promising this year, reaching a final conclusion is impossible until around one month has passed. Olive trees are now blooming, and we will move on to the fruiting stage only in around one month. The President of the National Interprofessional Olive Oil Organization, Manolis Giannoulis, observes that this is dependent on the conditions continuing to be favourable.
This year’s crop will be more than the previous year’s output, which was expected to be between 130,000 and 150,000 tons—a record low. However, definitive forecasts are not yet available.
Although producer costs have dropped discernibly over the previous month, this has not yet reached the ultimate consumer.
“We’ve witnessed a reduction of 1-1.30 euros per litre in producer prices,” Giannoulis states, pointing out that “of course, this will gradually be reflected in supermarket prices.”
Producing companies are selling extra virgin olive oil at a price range of 7.80-8.20 euros per litre, a substantial decrease from 9.30-9.50 euros per litre just one month ago.
You may also want to read:
- Climate Change Leading to Olive Oil Shortage
- Grim Scenario: Greece Could End Up Importing Olive Oil from China
- Olive Oil Price Spikes Over 50% in a Year
- Olive Oil Prices 2024 High Due to Market Scarcity and Below Average Harvest
- Rising Olive Oil Prices in Crete: 35% in Just One Month
- Breaking News: Olive Oil Prices Skyrocket in Greece
- Hellenic Food Authority: Warning and Consumer Protection Advice Against Olive Oil Fraud
- 2024 to See a Steep Increase in Olive Oil Prices