Movements in the prices paid to producers for extra virgin olive oil

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PRODUCER PRICES – OLIVE OIL
Graph 1 tracks the weekly movements in the prices paid to producers for extra virgin olive oil in the top three EU producing countries and in Tunisia, while graph 3 shows the weekly changes in producer prices for refined olive oil in the three main EU producer countries.

The monthly price movements for these categories are given in Graphs 2 and Extra virgin olive oil – Producer prices in Spain over the last few weeks continued increasing steadily to reach €3.85/kg at the end of February 2017, which was a 19% increase compared to the same period the previous year. If we compare this price with the maximum price in the third week of August 2015 (€4.23/kg), it presents a 9% decrease (Graph 1).

Italy – Producer prices in Italy began rising in mid-August and this trend remains unchecked. They broke the €5 barrier in the first week of November, coming in at €6.07/kg at the end of February 2017, which is a 67% year-on-year increase.

Graph 2 shows the movements in monthly prices for the extra virgin olive oil category in recent campaigns.

Greece – The prices in Greece from mid-August to the end of October remained stable but, as in other markets, they levelled off in November and have remained stable over the last few months at €3.46/kg, which is a 15% increase compared to the same period the previous year.

Tunisia – Prices in Tunisia, following some weeks of relative stability, increased as of the third week of January, breaking the €4 barrier and coming in at €4.08/kg at the end of February 2017 for a 17% year-on-year increase.

Refined olive oil: The producer prices for refined olive oil in Spain and Italy generally follow the same trend as the prices for extra virgin olive oil. The price in Spain at the end of February 2017 stands at €3.73/kg, up by 25% compared to the previous year. In Italy it came in at €3.84/kg, which was a 22% year-on-year increase. No price data are available for this product category in Greece.

At the end of February 2017, the price difference in Spain between refined olive oil (€3.85/kg) and extra virgin oil (€3.73/kg) was of €0.12/kg. In Italy the price difference between the two categories was greater at €2.23/kg (Graph 3).

Source: International Olive Council MARKET NEWSLETTER No 113 – February 2017

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