
holesale olive oil prices are beginning to abate in Greece over the recent period, ending an early-season surge that had scared consumers with forecasts of up to 20 euros per liter on supermarket shelves.
Olive oil is considered as a mainstay cooking oil in the east Mediterranean country of 11 million residents, which also features one of the world’s highest consumptions per capita.
However, the latest transactions have wholesalers buying the oil from producers at 7.5 to 7.8 euros per kilo.
The availability of quantities from the new 2023 harvest, in tandem with shrinking demand – due to consumers’ wariness – ended the previously uninterrupted surge in trading rates and retail prices.
According to market analysts, however, producers are also storing new harvest quantities in anticipation of higher prices. Market watchers said supermarket sales of olive oil in Greece fell from 25,000 tons to 18,000 tons over the recent period.
Worldwide, consumption has declined by some 40 percent, with Spain, the long-time global leader in production, recording a decline in demand by 17 percent.
Sector representatives told Ot.gr this week that prices this season began at 8.5 to 9 euros per kilo, although lower production still means higher rates for the extra virgin variety. Prices reached 9.2 euros per kilo last month, with the last sale between a cooperative of producers and a wholesale bottler falling to 7.7 euros per kilo.
Source: tovima.com


Latest News

Cost of Living: Why Greece’s 3% Inflation Is Raising Alarm
Greece appears to be in a more difficult position when it comes to price hikes, just as we enter the era of Trump’s tariffs.

Fitch Ratings Upgrades the Four Greek Systemic Banks
NBG’s upgrade reflects the bank’s ongoing improvements in its credit profile, Fitch notes in its report, including strong profitability, a reduction in non-performing exposures (NPEs), and lower credit losses

Trump to Announce Sweeping New Tariffs Wednesday, Global Retaliation Expected
With Trump's announcement just hours away, markets, businesses, and foreign governments are bracing for the fallout of one of the most aggressive shifts in U.S. trade policy in decades.

Inflation in Greece at 3.1% in March, Eurostat Reports
Average inflation in the eurozone settled at 2.2%, compared to 2.3% in February

Greece’s Unemployment Rate Drops to 8.6% in February
Despite the overall decline, unemployment remains higher among women and young people.

Jerry Kalogiratos Highlights Key Role of Energy Transition and Data Demand in LNG Outlook
Energy transition and the prospects of LNG were discussed at Capital Link’s 19th Annual International Maritime Forum, during a panel discussion with Jerry Kalogiratos (Capital Clean Energy Carriers Corp.)

Santorini Safe and Ready for a Dynamic Tourism Season
Authenticity, cultural heritage, and genuine experiences at the center of Santorini's new promotional campaign

Electricity Bills: Greece Announces Reduced Tariffs Schedule
Greece will now offer lower electricity rates between 11:00-15:00 and 02:00-04:00

Chevron Confirms Eyeing Natural Gas Exploration South of Crete
Chevron recently declared its intent to explore a third area, south of the Peloponnese.

Evangelos Marinakis: A time of change from which shipping can benefit
Speaking at the 19th Annual Capital Link International Shipping Forum Evangelos Marinakis stressed the challenges that shipping faces today