Greece: The drought brings a good olive harvest, and olive oil becomes cheaper

Published 2024년 10월 8일

Tridge summary

Preliminary data shows that the price of olive oil is expected to decrease by half in supermarket shelves this year, according to a report in Greece. This is due to better production levels and the impact of the Mediterranean drought, leading to a larger harvest. The high prices of recent years, exacerbated by the war between Russia and Ukraine and difficult weather conditions, have made olive oil a luxury item. However, with a forecasted normal harvest, prices are expected to drop to around 4000 to 5000 euros per ton, down from 10 thousand euros last year. This is good news for consumers, especially in Greece, where olive oil consumption has significantly dropped due to the high prices.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

This year, the price of olive oil on supermarket shelves will be cheaper, as production will be better compared to 2023, according to preliminary data, reports the correspondent of "Trud" in Greece. Expectations are that olive oil prices will drop by half, and because of the Mediterranean drought, there will be a better harvest. "The forecasts are that this year's olive production will be 220-230 thousand tons," SEVITEL Executive Director Georgios Economou said, adding that this will lead to a normalization of the situation. The events of recent years, most notably the war between Russia and Ukraine, have driven up the prices of staples, and difficult weather conditions have reduced olive oil production to historic lows, turning olive oil into a luxury item. At the end of last year, the high prices of "Extra Virgin" type olive oil reached 10 thousand euros per ton, and this year the forecasts are that they will move around 4000 to 5000 euros. The results for the consumer will be ...

Source: Dnes