Drop in import tariffs reduced olive oil price by up to 12%, shows Abras

The import tariff reduction measures adopted in March by the federal government have begun to take effect in the consumer's wallet, but more specifically than broadly. According to the Brazilian Supermarket Association (Abras), the main impact so far has been observed in olive oil prices, which showed a drop of up to 12% on store shelves. "We immediately felt a 10% to 12% reduction in olive oil prices, a direct reflection of the drop in import rates," stated Abras Vice President Marcio Milan. However, he notes that the broader impact initially projected by the government has not yet materialized. According to the executive, olive oil prices are influenced by various factors, including the recent drought in Europe, the main exporting region for Brazil. However, he points out that Brazil is beginning to produce more olive oil in the Southern region of the country, but tradition and volume are still predominantly from Spain and Portugal. According to Milan, most products included in ...