The Greek olive oil industry is seemingly set for a return to normality after two challenging years characterised by low production and high prices, with prices expected to stabilise.
Early estimates suggest normal production levels which would help maintain prices at sustainable levels for producers as well as making it affordable for consumers.
Current estimates in Greece suggest a production that would range between 210,000 and 230,000 tonnes, with 90,000 tonnes coming from the Peloponnese, 50,000 from Crete, 30,000 from the islands and 50,000 from the mainland.
It is a significant improvement compared to recent years that were marked by shortages.
Prices for extra virgin olive oil are expected to range between €4.50 and €5.00 (up to $AUD 8.80) per kilogram this year, coming to a retail price of approximately €7 to €8 ($AUD 14.16) per litre.
The drop is quite significant with supermarket shelves currently selling extra virgin olive oil at around €7.95 per litre (down from €15 last year) and standard olive oil is priced at approximately €6.95 per litre.
Prices have dropped by 62.8 per cent since the record high in July 2024, according to ELSTAT, while data from EDOE indicates that about 25 per cent of the consumption lost during previous years (when demand fell by up to 40 per cent) has now been recovered.
Dining and Cooking