Weekly movements in prices paid to producers for extra virgin olive oil

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Graph 1 tracks the weekly movements in prices paid to producers for extra virgin olive oil in the top three European producing countries and Tunisia, while Graph 3 shows the weekly changes in producer prices for refined olive oil in the main three EU producers. The monthly price movements for these twogrades of oil are tracked in Graphs 2 and 4.

Extra virgin olive oil: Producer prices in Spain rose slightly in the last few weeks to reach €3.18/kg in the last week of September, which is a 21% year-on-year decrease. If we compare this price with the minimum price of the third week of May 2014 (€1.96/kg) it presents a 62% increase and a 25% decrease in comparison with the maximum (€4.23/kg) (Graph 1).
gr1Italy – Producer prices in Italy started to climb in mid-August, to reach €3.92/kg at the end of September 2016, which is a 26% year-on-year decrease. Graph 2 shows how the monthly prices of extra virgin olive oil behaved in recent crop years.

Greece – Prices in Greece have remained stable since mid-August, coming in at €2.95/kg at the end of September 2016, which was a 12% year-on-year decrease.

Tunisia – The prices in Tunisia fell in August 2016 before rising in the first three weeks of September, letting off somewhat in the second to last week to settle at €3.23/kg at the end of September 2016, which is a 13% decrease compared to the previous year.

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gr4Refined olive oil: The prices of refined olive oil in Spain and Italy follow the same trend as the price of extra virgin olive oil. In Spain, following a sharp drop, there was a slight upturn in the third week of January 2016. This levelled off but after the first week in July prices began to rise again, slowing down   in the last week, to settle at €3.03/kg at the end of September.

This is a 15% decrease compared with the same period the previous year. Prices in Italy followed the same trend as in Spain and the prices at the end of September 2016 settled at €3.13/kg, which was a 20% year-on-year decrease. No price data are available for this product category in Greece.

At the end of September 2016, the price of refined olive oil (€3.03/kg) and extra virgin olive oil (€3.18/kg) differed by €0.15/kg in Spain. In Italy, the difference in price between the two categories is wider than in Spain at €0.79/kg (Graph 3).

Source: International Olive Council MARKET NEWSLETTER No 108 – September 2016

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