Graph 1 tracks weekly producer prices for extra virgin olive oil in the three main producer countries of the EU and Tunisia. Graph 3 tracks the weekly producer prices for refined virgin olive oil in the three main producer countries in the EU. Graphs 2 and 4 track the monthly prices for these product categories.
Extra virgin olive oil
Prices in Spain remained relatively stable over the last few weeks, standing at 3.13€/kg in the last week of August , which is a 25% year-on-year decrease. If we compare this price to the minimum price of the third week in May 2014 (1,96€/kg), it represents a 60% increase, and a decrease of 26% compared to the maximum price (4.23€/kg) (Graph 1).
Producer prices in Italy had been stable for the last three months but started to increase in mid-August, to reach 3.70€/kg at the end of August, which is a 33% decrease compared to the same period the previous year. Graph 2 tracks the monthly prices of extra virgin olive oil in recent crop years.
Producer prices in Greece had also levelled out over the last few months but, as in the other markets, they had started to rise again in the last few weeks to reach 2.95€/kg at the end of August 2016, which is a 17% decrease compared to the same period year-on-year.
Tunisia – Contrary to the other markets, prices in Tunisia fell over the last few weeks to reach 2.79€/kg at the end of August 2016, which is a 32% decrease compared to the same period last year.
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Refined olive oil
Producer prices for refined olive oil in Spain and Italy have moved in the same direction as the price of extra virgin olive oil. In Spain, following an initial sharp decline, prices began to climb in the third week of January 2016, and after falling again, increased as of the first week in July to reach 2.96€/kg at the end of August 2016, which was a 21% year-on-year decrease. In Italy the prices followed the same trend as in Spain to reach 3.01€/kg at the end of August 2016, which represented a 23% year-on-year decrease. There are no data available for this product category in Greece.
At the end of August, the price differential between refined olive oil (2.96€/kg) and extra virgin oil (3.13€/kg) was of 1.17€/kg in Spain, and was higher in Italy at 0.69€/Kg (Graph 3).
Photo by Giovanni Trombetta