MOSCOW, March 1 – RIA Novosti. Olive oil prices may rise by 15 percent, Kommersant reported, citing sources.
As specified in the publication, a possible rise in price is associated with the expectation of a decline in the harvest of olives in Spain – a country that accounts for more than half of their world production. This year's harvest was negatively impacted by a cold winter and storm “Philomena”.
According to a Kommersant source, the market situation is also aggravated by the likely reduction in the olive harvest in Greece and Italy.
Thus, according to data from the European Commission, in January this year, Spanish Extra Virgin olive oil cost 2.54 euros per kilogram – 21 percent higher than a year earlier. Prices for Italian and Greek butter increased by 44.4 and 17.7 percent, respectively, compared to last year.
Experts believe that an increase in the cost of olive oil will not entail a significant decrease in sales, since its buyers in Russia are not so sensitive to price fluctuations.