Olive oil prices have already more than doubled since 2022 and are seen reaching as high as 25 euro per liter, on account of an anticipated significant reduction in production capacity, down from last year’s 340,000 tons to around only 150,000-180,000 tons.

The cost of olive oil has risen from 5.45-5.75 euros per liter last autumn to 12-15 euros per liter at the start of November.

Some producers have noted that the high prices have driven them to hire security to protect their businesses and crops. One producer noted that their olives are being stolen and, in the process, thieves are breaking branches, causing long-term damage.

Olive producer Dimitris Leipouris noted that last year he gathered 5 tons of olives but this year he will consider himself fortunate if he manages to collect 500 kilos. He also expects that he will sell his oil at 10 euros this year against 6 euros of last year.

Vice President of the Agricultural Cooperative Miron Hiletzakis explains that spiking prices are related to cheaper, mass consumption olive oil. Premium olive oil, on the other hand, is expected to remain at around 20 euros per liter because consumption and production is by its very nature limited.