News

The low supply of olive oil in the EU keeps prices rising

Olive Oil
Denmark
Greece
Published Jul 18, 2023

Tridge summary

The low supply of olive oil in the EU is causing prices to remain high, with producer prices ranging from €600/100 kg to €720/100 kg. This high price is expected to negatively impact EU consumption, especially in the main producing countries. Despite a good harvest in Turkey, EU imports are not expanding at a much faster pace, while exports could be slightly higher as some operators substitute EU consumption with exports at a higher price.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

The low supply of olive oil in the EU continues to keep prices up. In addition to input costs remaining above the long-term average and prices of some agricultural commodities falling, farmers in the EU have faced various difficult weather conditions in spring, which which has caused a reduction in the projections of yield and quality of several agricultural products. However, some first signs of improvements are emerging on the horizon. For example, fertilizers have become more affordable after the fall in natural gas prices. Although still above the headline inflation rate, food inflation in the EU is beginning to stabilize. This has been published by the European Commission, in the summer 2023 edition of the Report: short-term outlook for EU agricultural markets which presents the latest trends and outlook for agricultural markets. In that context, the Commission has adopted an exceptional support package of €330 million presented on June 23, 2023. EU farmers from Belgium, ...
Source: Oleorevista
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