SEVITEL sees olive oil prices falling
The supply of olive oil in the supermarkets will cost less this year as production is expected to be better than 2023, according to the first indications.
"According to estimates, this year's olive production will reach between 220-230 thousand tons," the general director of the Association of Greek Olive Oil Standardization Industries SEVITEL, George Economou, told the Athens-Macedonian News Agency (ANA-MPA), adding that something like this will result in the normalization of the situation.
In recent years, both Russia's war with Ukraine, which has driven up commodity prices including olive oil, and severe weather conditions, which have reduced olive oil production across the "Mediterranean Basin" to historic lows have led prices higher rendering olive oil a luxury item.
Economou underlined that the situation is about to change, since productions in all olive-producing countries are returning to "normal" levels.
AMNA
