2024 to See a Steep Increase in Olive Oil Prices

Apostolos Rautopoulos, the president of EEKE (Union of Consumer Workers of Greece), made a bold statement during an interview on ANT1 television, forecasting that the cost of olive oil is projected to soar to 30 euros per litre. This projection is based on current indications, with a Laconian producer already selling olive oil for 9.38 euros. Rautopoulos also highlighted the existing prices of branded extra virgin olive oil, citing figures ranging from €15.64 to €18.80 in supermarket chains.

In addition, a comparison between olive oil prices in Greece and Switzerland revealed significant disparities, with extra virgin olive oil currently priced at 10.45 euros in Switzerland and 14.40 euros in Greece, leading Rautopoulos to assert that market dishonesty is driving these differences.

The situation in Spain further exacerbates the olive oil market’s challenges, as the country faces a second consecutive year of production well below historical averages. With water-stressed olive groves and soaring temperatures, Spain anticipates continued upward pressure on olive oil prices. Andalusian Agriculture Minister Carmen Crespo emphasized the supply and demand dynamics, predicting that prices will remain high due to the shortage of olive oil stocks.

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Amidst this crisis, olive growers in Andalusia are calling for government intervention and support, highlighting the catastrophic impact on production costs and the potential closure of farms. The reduction in production is expected to have far-reaching consequences, impacting employment and livelihoods.

Greece’s new olive oil production is expected to drop by at least 50% compared to last year. On Crete Island, the price per litre is projected to reach 8.40 euros, leading many producers to consider purchasing oil this year. It is unlikely that the estimated olive oil production in Crete will exceed 30,000 tons.

The olive oil market is facing unprecedented challenges, and stakeholders are advocating for swift and decisive actions to mitigate the widespread impact.