The Price of Olive Oil in Cyprus Begins to Fall After a 60% Increase

The price of olive oil in Cyprus has risen by more than 60% over the past year, but experts predict that its cost will soon start to decrease.

According to the President of the Consumers' Association, Marios Drousiotis, olive oil prices are expected to decline in the coming weeks and months following the 61% increase recorded over the year, as of September 2023.

In an interview with Cyprus Mail, Drousiotis explained that despite the substantial year-on-year rise, olive oil prices stabilized in September compared to August.

He pointed out that this year's olive harvest has been more abundant than last year's, which is causing prices to begin falling, with further reductions anticipated.

“We expect prices to decrease now. Production has increased, and we believe this will be reflected in the consumer price index, which we will publish at the end of October,” Drousiotis stated.

The significant price surge in recent years followed several comparatively unfavorable years for olive oil production. Moreover, during the early summer months, sharp price fluctuations were observed among olive oil producers in Cyprus.

Recently, however, in most places, a liter of olive oil can be purchased for between 9 and 12 euros. Prices are expected to drop even further soon.