OREANDA-NEWS  Since the beginning of 2023, the average cost of imported olive oil from Italy, Greece, Turkey and Tunisia on the Russian market has increased by 40-50 percent to the level of the second half of 2022. This is reported by Izvestia with reference to data from analysts of the Association of Retail Trade Companies (ACORT).

Experts linked such dynamics with a number of factors, including a decrease in the volume of olive harvest in the above-mentioned countries, as well as the weakening of the ruble against the euro. At the same time, ACORT assured that the sharp rise in the price of olive oil will not affect the financial condition of ordinary citizens, who for the most part prefer to buy less expensive sunflower oil.

The organization also allowed a further increase in prices for olive oil, but clarified that this process will be gradual. This is due to the fact that currently a significant part of Russian retail chains have stocks formed before the adjustment of wholesale prices. As a result, the final retail value will be determined based on the value of a specific transaction.

A possible sharp decline in olive oil production was previously associated with abnormal heat in Greece and the Mediterranean region. Experts have suggested that against the background of large-scale forest fires and high temperatures, the total figure may decrease by 40 percent at once. In Greece itself, it is expected that the consequences of natural disasters will lead to a decrease in production by a third — from last year's 300 thousand tons to 200 thousand.