The Rising Cost of Greek Olive Oil
In the near future, it is expected that the price of olive oil on supermarket shelves will surpass 10 euros. This will transform the most valuable Greek food product into a luxury item, making it an unattainable for most Greeks.
As a result, some experts are advising consumers to save their oil for next year, as the situation is predicted to worsen. Greek olive oil is highly regarded as the best in the world, having been used by the ancient Greeks for various purposes including cooking, preserving food, and treating war wounds.
The rising price of olive oil is not only expected to impact consumers, but also other products that rely on olive oil as a derivative. Over the past decade, there has been a decline in olive oil production in the Mediterranean region. Last year, the global market experienced a shortage of 1,500,000 tons.