Olive Oil Prices Rising
March 5, 2015
Source: Olivenews
The 2014-15 global harvest season was the lowest of the past 15 years. Italy’s disastrous harvest and Spain’s reduced output have pushed prices up for this year. Italian EVOO at the source is currently up 90% (€5.35 vs €2.82 per liter), Spanish is up 40% (€3.10 vs €2.21) and Greek is up 23% (€3.21 vs €2.61). Some prized EVOOs are even costlier, while organic extra virgins command a 5% to 20% premium. State controlled Tunisian production, which experienced a bumper harvest, has come to the rescue with a current price of €2.82 (up 20%). By special dispensation of the European Union, Tunisia exported additional duty free quantities to European distributors in order to keep prices in check. The good news is that the euro has hit a 12 year low against the dollar (down 18% in a year) effacing a good part of the price increase on the grocery shelves.
