The price of a liter of Italian olive oil rose 121 percent year-on-year in December 2014, according to a recent report by researchers at the commodities analytics firm Mintec.
Mintec predicts a rise of up to 50 percent in coming months for extra-virgin olive oil in most markets.
Globally, olive oil of every type has risen in price about 40 percent in the past year, the report says, and Mintec expects the price to keep going up in 2015.
What will this cost Turkish consumers?
The price is set to rise by up to 20 Turkish lira per liter, according to research by the consultancy Olive Oil World.
This raises critical issues for Turkish producers. The head of the Union of Aegean Olive and Olive Oil Exporters, Gurkan Renkilag, told The Anadolu Agency that Turkey risks losing foreign markets for its olive oil.
“You can buy olive oil for less than €3.62 from producers in Turkey,” he added. That makes Turkish olive oil prices one euro higher than those of other European markets.
Article sourceLiter of virgin olive oil could rise 50 percent in price, experts say,