Source: Oleoscope (Russia)
The skyrocketing prices of olive oil in Greece, particularly extra virgin olive oil, which has forced Greeks to switch to cheaper varieties of oil, could fall due to expectations of a more abundant harvest in 2024, reports The National Herald.
Manolis Yiannoulis, president of the Interprofessional Organization of Olive Oil Producers (EDOE), said the forecast is now considered moderate to good after being lower in previous years due to warm winters and other factors. He told the state-run Athens-Macedonian News Agency that production should be between 250,000 and 280,000 tons if the mild weather conditions continue.
“This requires stable weather until the harvest, which is four months away,” Yiannoulis said, adding that ”high temperatures and drought are a concern for producers.”
He said producer prices were also starting to fall, although it was not known whether sales had fallen in supermarkets, where consumers had been shocked by prices as Extra Virgin (EVOO) had previously reached 54 euros ($60) for four liters.
“Compared to the historic high of 9.5 euros (10.40 dollars) per kilo three to four months ago, the price of extra virgin olive oil has now fallen to 7 euros (7.67 dollars) per kilo,” the producer said.