In retail, the price has locked its lows at 10 euros per liter.
With demand remaining stable prices are expected to double for a very simple reason. Olive oil production is rapidly decreasing, from 340,000 tons to 170,000. This means that the price of a liter from 10 euros will reach 20 or even 25 euros.
At the same time, labor costs are also racing to unprecedented levels and this cost will be passed on to the final price.
How accurate was the olive oil?
The increase in the price of olive oil can be seen in the gallop of the price which multiplied within a few months.
Olive oil 4 liters: €18.90 in 2022, €56.76 in 2023
1 liter (refined and virgin): €5.18 in 2022, €12.50 in 2023
5 liters extra virgin: €39.95 in 2022, €79.45 in 2023
The olive oil of the same company costs 10.45 euros in Switzerland and 13.98 euros in Greece.
Shops in Switzerland do not sell olive oil because of the unprecedented precision
At the same time, it is sensational that even in wealthy Switzerland there are shops that do not stock olive oil due to the very expensive price, while in the Netherlands the same olive oil that costs €11.60 in Greece costs €11.50 and of course has sold out.