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Wednesday, November 29, 2023

Is olive oil becoming a luxury product? Maybe it will reach 15 euros

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Production reduced by 50% in Cyprus

Γiνεται προioν πολυτελεiας το &epsilon ;λαιoλαδο; Ίσως αγγiξει τα 15 ευρо< /p>

Olive oil may become a type of luxury this year, with its price possibly exceeding 10 euros per liter and reaching 15 euros in Europe, dragging down the prices in Cyprus as well, as the agricultural organizations estimate, and this due to the fact that production has been affected by the adverse weather conditions that prevailed especially in Spain and Italy, which are the largest olive producing countries in the world.

In statements to KYPE, the agricultural organizations report that the prices of extra virgin olive oil have shot up by at least 100% compared to last year and call on producers to respect consumers and not make disproportionate increases in olive oil prices, while urging the Ministry of Georgia to intensify controls.

Specifically, speaking to KYPE, the President of Panagrotikos Kyriakos Kailas, after noting that today the price in the international markets is around 8.60 euros per liter, said that “while there was an increase in the price due to increases in production costs, the price continues to rise trend, as worldwide olive oil production has decreased by 50%, which is due, among other things, to fruitlessness and high temperatures”.

“The world market will not be satisfied, so we will see prices that may exceed 10 euros per liter”, he said and added that the price increase compared to last year reached 100% and this “is not normal and worries everyone”.

He said it would “justify a 40% increase because of the increase in production costs, but because of the shortfall in production the increase has reached 100% today and may go even higher.”

“We see at the end of the day households are affected from all sides”, he said and added that “olive oil is a good that everyone needs and we do not want to see under any circumstances being patented” and mixed with sunflower oil or other types of oils.< /p>

In relation to the production in Cyprus, Mr. Kailas said that it is reduced by 50% and added that it could not affect only the other European countries “and us with such high temperatures to leave us unaffected”.

< p>Mr Kailas called for intensified controls by the Ministry of Agriculture to avoid such patents, adding that “at times when there are price increases we see them coming from the occupied goods unchecked”.

The President of the Panagrotic also said that they asked the Government to also cover the issue of fruitlessness which does not exist only in olive cultivation and a way should be found to cover this issue as well and added that “climate changes and high temperatures have greatly affected the issue of fruitlessness in all tree crops”.

The Provincial Secretary of the Cypriot Farmers' Union (EKA) of Nicosia – Kyrenia Thomas Thomas said that “it seems that the prices abroad are very high compared to other years and you see that in the main olive producing countries such as Greece, Spain and Italy the price of olive oil is 8 to 9 euros”, adding that “prices will definitely shoot up”, but “no one knows where they will end up”.

“It seems that this year will not be good for olive oil, not only for Cyprus”, he said and added that “in Spain, although in the end the production will not be very little as they expected, it will not be as satisfactory as it was last year”.

Stating that the same will happen in Cyprus, Mr. Thomas said that the reasons for this development are climate changes (hot weather, heavy rain with hail).

He mentioned that the price is twice as compared to compared to last year and this is also due to the increase in energy prices.

Mr. Thomas said that “to the extent that production is reduced in order to cover the producer's expenses (spraying, harvesting), the producer will have to increase the price” and added that the harvest starts in October and November depending on the category of olive oil.

The General Secretary of the Panagrotic Union of Cyprus (PEK) Christos Papapetrou said that “it is said that olive oil will become a luxury item this year” and added that all this is due to the fact that there is not much production especially in Spain and Italy, which are the major olive producing countries countries.

In relation to this year's production in Cyprus, Mr. Papapetrou said that “it is too early to have an estimate for the reason that with the weather conditions the production may not be harvested in the end”, adding that it is indicative in this regard that on Tuesday due to a large fruit trees in Pitsilia have been damaged by hail.

“So whatever production there is in Cyprus we do not yet know what weather conditions we will have so that it can be harvested to be able to make olive oil”, he said, adding that “with given today's data, I believe that the production will be satisfactory”.

However, the General Secretary of PEK warned that in Europe there will be large increases in olive oil prices and they will drag down the prices in Cyprus” and added that “due to the adverse weather conditions experienced by Spain and Italy, they will not have production”.

“Producer prices already before the start of the new olive growing season have more than doubled, and combined with the increased production costs, prices are expected to increase further”, he stressed.

“Spain is a question of making 50% of its normal production because it experienced severe droughts this year and from a production of 1,300,000 tons of olive oil, it will not exceed 600,000 tons according to estimates,” he said, noting that traders abroad are already asking for olive oil in prices between 8-10 euros.

For example he mentioned that last year shelf prices in Cyprus were around 7 euros and producer prices were 3.5 euros per kilo and “this year prices will necessarily increase otherwise the producers will be forced to sell it themselves” and noted that the new production in Cyprus starts in October – November.

In Greece, as he said, the prices of olive oil on the shelf have exceeded 10 euros per liter and “everyone calculates that in Europe and especially in Greece the retail price will increase up to 15 euros per liter”.

The General Secretary of the New Agricultural Movement, Takis Christodoulou, told KYPE that olive oil is an issue that concerns us, especially consumers, adding that “our olive producers are rubbing their hands with joy because the prices have risen or will rise even more”.

He stated that “production in Cyprus is very good and was not affected by the various climate changes, nor by the drought and hail, adding, however, that he expects “an increase in the price of olive oil on a pan-European basis, due to the fact that Spain it had huge problems with natural disasters, but also fungi”.

“The price of olive oil will increase and possibly double the price of what we were used to in Cyprus”, he added.

Mr. Christodoulou said that while in the past the olive mills received olive oil at 2.5-3 euros per liter, this year they receive it at 7 euros per liter, with the result that the olive mill will then sell it for 12 to 13 euros per liter.

The Secretary General of the NAK expressed his assessment that the price of olive oil will rise from 12 to 14 euros per liter and called on the Cypriot olive producers to respect the consumers, who are their allies and partners and “we do not need to increase 100%”.

He mentioned that the imported can easily rise to 15 euros per liter and added that recently in Greece the price ranged from 12 to 13 euros per liter.

“There should be an increase because the cost remains”, he said and added that “the olive gives too much and takes too little”, as it only needs one pruning and “in some areas it doesn't even need spraying” and “we are not justified in giving an increased price” .

“Olive oil is essential for our health and is the basis of our Mediterranean diet,” he said, adding that if they make exorbitant increases and Spain does well next year and imports are made at lower prices, then they will be out of the market Cypriot producers.

He said that according to his information the production of Crete “is going very well, although there is a tendency to increase the price in the supermarkets of Greece, but not to the extent of the increase in other European countries “.

The CEO of Euroagricultural Lambros Achilleos said that the pricing of olive oil depends on production, its nutritional value and climate change.

Regarding the Cypriot production, Mr. Achilleos said that this year it will be “moderate and not at good levels for olive oil to be cheap”, adding that “people should expect that prices will not go down but will go up”.< /p>

He said that there is a possibility that the price of olive oil will increase significantly and it will be excessive and he added that if they increase too much, nobody will use olive oil and “we will be led to where the northern countries want, to seed oil”.


“It is not in the interest of Cypriot farmers to increase the price of olive oil”, he said and added that the price cannot exceed 8 euros per liter, which is again an excessive price”.

Mr. Achilleos said that traders should realize that “as the price of a product rises, the more difficult it will be for the consumer to buy it, as a result we will push consumers to switch to other types of oils” and added that they should not the excuse that production is low to take the price to 15 euros per liter for one year”.

Source: www.kathimerini.com.cy

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