Olive oil production rises, while prices gradually fall

Estimates about olive oil production in Greece are optimistic this year, although safer conclusions will be available in about a month’s time.

“At the moment we are in the flowering period and after about a month they will be bearing fruit. All this under the condition that everything will develop normally,” the president of the National Interprofessional Olive Oil Organization, Manolis Giannoulis, stated.

However, although no firm conclusions can be drawn yet, there is a feeling that the harvest will be higher than last year’s, which according to estimates reached between 130,000-150,000 tons, a record low. In the last month, there has also been a de-escalation in producer prices, which has not yet reached the final consumer.

“We have a reduction of 1-1.30 euros per liter in producer prices,” Giannoulis said adding: “Of course this will gradually be reflected in the supermarket prices. Today, extra virgin olive oil is being sold by producers for €7.80-8.20/lt compared to €9.30-9.50/lt a month ago.”