Nearly two years of soaring olive oil prices in Greece – one of the world’s top producers and the commodity a daily staple for households – is showing signs of easing but it hasn’t been reflected with lower prices in most cases.
Extra Virgin Olive Oil, the liquid gold known as EVOO, almost doubled in some cases, driving consumers to cheaper brands or alternative oils such as sunflower or corn and cut into the industry domestically and in exports.
The crisis was European wide, caused by climate change, drought, and variations in winter temperatures but producers in Greece now are cautiously optimistic about the crop being better in 2024 than the previous year.
An unnamed industry representative told the business newspaper Naftemporiki that, “An increase in production is expected in the Peloponnese, especially in Messinia, despite any reservations caused by the heat and prolonged drought. A good productive year, after last year’s bad one, is expected in the Ionian Islands and Crete.”
There are similar messages in other major producing areas, including Eastern Macedonia and Thrace as well as Epirus. “If everything continues smoothly, the production will be significantly increased compared to last year as there was good flowering and fruiting,” the representative said.
“The mild winter and the rise in temperature do not create favorable conditions for the appearance of Dakus and the production is predicted to be better than last year, without, of course, being the expected one,” it was added.
What consumers care about, of course, is when that will be reflected in prices as the producers ship most of the oil to other countries, which rebrand them, Greek businesses long failing to aggressively market their own goods outside the country.
Before the crisis, the price of olive oil fluctuated between 3.5-4 euros ($3.89-$4.45) before being marked up at the supermarket – for the cheapest varieties – but recent trends show that for other products high prices remained even as inflation eased.
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