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Olive oil production higher – Prices gradually falling

Estimates about olive oil production in Greece are optimistic this year, although safer conclusions will be available after about a month.

“At the moment we are in the flowering period and after about a month we will have the fruiting. All this under the condition that everything will develop normally,” the President of the National Inter-professional Olive Oil Organization, Manolis Giannoulis, told state-run news agency amna.

However, although no firm conclusions can be drawn yet, there is a feeling that the harvest will be higher than last year’s, which according to estimates reached between 130,000-150,000 tonnes, a record low.
In the last month there has been a de-escalation in producer prices, which has not yet reached the final consumer.

“We have a reduction of 1-1.30 euros per liter in producer prices,” Giannoulis said and added “of course this will gradually be reflected in the supermarket prices.
Today, extra virgin olive oil is being sold by producers for 7.80-8.20 euros per litre compared to 9.30-9.50 euros per litre a month ago.

PS a week after such claims, prices for olive oil at the supermarkets remain at the same high level as before the claims…

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