Since June 2014, producer prices in Spain have been rising constantly. By the second week of September they had reached €2.74/kg. In October the market seemed to be searching for equilibrium in that prices fell but in November they reversed direction, moving up to €2.93/kg at the end of November. This level is 28 pc higher than a year earlier and 49 pc higher than the low recorded in May 2014 (€1.96/kg). The highest price recorded during the period under review (€3.02) was recorded at the beginning of March 2013.
In recent months, producer prices in Italy have been on a very clear upward trend. In the week from 10 to 16 November, they hit the highest level of both the period under review and the last decade, reaching €6.79/kg. This price hike has probably been prompted by the forecasts of a lower-than-usual harvest. The IOC does not know the volume of product sold at these prices. After a small dip in the second last week of November, prices switched back upwards to reach €5.86/kg at the end of November 2014, equating with an increase of 121 pc on a year earlier and 122 pc compared with the low recorded in the second week of December 2013 (€2.64/kg).
As to Greece, after holding steady at €2.51/kg through July and August, producer prices climbed for several weeks, then falling back at the beginning of October only to peak at the highest level (€2.96/kg), thus showing 23 pc growth on the same period of 2012/13.
At the end of October 2013, in Tunisia producers were paid €2.53/kg for their extra virgin olive oil. Prices then started moving downwards until late December 2013, when they levelled off after some fluctuations. At the end of November 2014 they had rallied to €2.88/kg (+24 pc compared with a year earlier) and they have remained at this level for the last three weeks.
(Source: International Olive Oil Council)