Olive oil prices set to drop
Olive oil production is expected to surpass last year’s figures, raising hopes for lower prices in stores.
George Oikonomou, the general manager of the Greek olive oil producers’ union, told AMNA that production is projected to reach between 220,000 and 230,000 tons.
The war in Ukraine has driven up prices for essential goods, while climate conditions have led to low production levels across the Mediterranean, driving up prices. Oikonomou said the trend is poised to change as production in all olive-producing countries returns to “normal” levels.
“When the quantities are almost double compared to last year, producers cannot expect to be paid the same price as they were last year,” he said.
