Optimism abounds about the olive oil priceof which they predict a collapse as a consequence of the rains and temperatures of recent months. Weather conditions that would have improved the harvest, so lower costs are expected.
One of those who spoke out was Victor Roig. The general director of Deoleo, the largest olive oil company, which includes brands such as Bertolli, Carapelli and Carbonell, assured that prices “will adjust to normal between now and January of next year.” Therefore, he maintained that prices They will be placed in a range between 4 and 5 euros per liter at origin, instead of the current 7-8. That is, according to their forecasts, 2021 prices would recover in January.
At the same time, he estimated the number of homes that have been lost in the last year at half a million, although he also predicted that the consumer will once again bet on olive oil with the drop in prices. “(The consumer) will return when prices are more in line of what they have been.” However, everything will depend on how the weather evolves in the coming months, as well as the management of stocks by the companies.
Reason for price increase
He was not the only one who spoke out in this regard. The president and CEO of Deoleo, Ignacio Silva, also predicted a “great harvest” for the next campaign, with more favorable prices for the consumer than the current one. “The supply is very low and demandespecially abroad, remains highand that is making prices at origin rise“, he declared to Europa Press.
The increase in EVOO prices started in April 2021 and since then, it has maintained its upward trend due to several factors: low production due to drought, inflation caused by the war in Ukraine and the high cost of energy.
Inflation stands at 3.6% in May
He consumer price index (CPI) rose to 3.6% year-on-year in May, three tenths more than the previous month, due to the increase in the cost of electricity and a smaller drop in fuel. For its part, Food inflation moderated three tenths, to 4.4%. The core inflation rate (without energy or unprocessed food), which was placed in the 3% year-on-year, one tenth more than in April.
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