February 26, 2024

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A record rise in olive oil prices by 212% in 14 months, with further escalation expected

A record rise in olive oil prices by 212% in 14 months, with further escalation expected

Olive oil is a basic food product and the price of a liter has already reached 17 euros, while according to the vice president of the Heraklion Agricultural Cooperatives Federation, Myron Chelitzakis, it will reach 20 euros.

The government may claim to have the food accuracy problem under control, relying on fines for big companies, but it also appears powerless to control the runaway rise in olive oil prices over the past 14 months.

Olive oil is a basic food product and the price of a liter has already reached 17 euros, while according to the vice president of the Heraklion Agricultural Cooperatives Federation, Myron Chelitzakis, it will reach 20 euros. The jump in olive oil prices over the past 14 months has reached 212%.

According to a report by Mega TV, this is a price rise that has been going on since 2022. As of the fall of 2022, prices follow the following upward path:

  • 5.45-5.75 euros per liter in autumn 2022
  • 6-6.4 euros per liter in July 2023
  • 9.5-12 euros per liter in August 2023
  • 12-15 euros per liter in November 2023
  • 16-17 euros per liter in January 2024

There are many reasons for the high prices of olive oil. It is also clearly linked to the lowest production in the entire Mediterranean region, for reasons related to the nature of the production itself (there are fluctuations from year to year), but also to the weather conditions and natural disasters that struck Greece, but also Italy and Spain.

However, one should not ignore the phenomenon of speculation, which is clearly visible in all basic food products.

Especially for olive oil, the price trajectory in 2023 proves this to be true: comparing the price per liter in July with its price in August, the rise reaches 100% for olive oil produced in autumn 2022 – winter 2023.

Whoever was in possession of quantities of olive oil raised the prices of the same product that had previously been produced, without any oversight from the competent authorities.

Now the lower production of 2023-2024 enters the equation.

According to the Vice President of the Heraklion Agricultural Cooperatives Union, Myron Chiltzakis, who spoke to Mega, this is one of the worst years in terms of production, so the market will face a shortage that will push prices even higher.

Olive oil from Crete is sold at 9.5 euros and in the rest of Greece at 11.2 euros, so, if VAT and other costs are included, “the consumer will pay 17 euros,” he said.

He stressed that the price of olive oil will reach the shelves at approximately 20 euros per liter, which will force consumers to limit their consumption and change their habits.

“Unfortunately, this is our biggest concern. Eating habits will change. Consumers will now cut oil out of their lives. We have already seen in a poll in Spain that consumption has fallen by 85%,” says Myron Chiltzakis.