Olive oil price increase in Turkey expected to turn global

Olive oil prices are increasing in Turkey. The olive crop of 2021 is smaller than expected. With the devaluation of the Turkish Lira, increasing logistics costs, and limiting government policies regarding agricultural product exports, olive oil prices will continue to increase at least until the end of December 2021. These increases are continuous since early November 2021 in Turkey and Turkish prices are now almost as high as Spain, Portugal, and Greece. Turkish suppliers are claiming the price increase will become global trend as it is getting difficult to cover all demand. Price increases have already started in Greece and it is expected to hit Spain and Portugal markets after Christmas.