In June 2014, producer prices of extra virgin oil in Spain started to rise constantly. In October the market seemed to be searching for equilibrium in that prices fell but in the following two months they reversed direction, reaching €3.12/kg by the end of December. This is the highest level yet in the period under review and is 55 pc higher than a year earlier and 59 pc higher than the low recorded in May 2014 (€1.96/kg).
In recent months, producer prices in Italy have been on a very clear upward trend. In the week from 10 to 16 November 2014, they hit the highest level of both the period under review and the last decade, reaching €6.79/kg. This price hike was probably 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 December, prices switched back upwards to reach €5.55/kg at the end of December 2014, equating with an increase of 109 pc on a year earlier and 110 pc compared with the low recorded in the second week of December 2013 (€2.64/kg).
After holding steady at €2.51/kg through July and August 2014, producer prices in Greece climbed for several weeks. They then declined at the beginning of October only to peak in the next two months. At the end of December 2014, they stood at €2.91/kg, thus showing 18 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. By the end of December 2014 they were lying at €2.73/kg (+22 pc compared with a year earlier) and they have remained at this level for the last two weeks.
Source: International Olive Council