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olive oil

Inflation: At 2.9% in September – Food price rise (tables) –

by Chief editor of world-today-news.com October 10, 2024

written by Chief editor of world-today-news.com

Inflation reached 2.9% in September from 3% in August, according to ELSTAT.

Shortly before the TIF until today, the government has indulged in the construction of a narrative, in which it is stated that prices in Greece are “falling” and inflation is being tamed. Both the Prime Minister Kyriakos Mitsotakis and the co-competent ministers Takis Theodorikakos and Kostis Hatzidakis have made official positions in this context. However, reality comes to disprove them, with food inflation once again exceeding the general index and reaching 3.2%.

We had significant price increases on an annual basis in the Housing groups (5.9%), in Hotels-cafes-restaurants (5.5%) and in Clothing – Footwear (4.4%). Food inflation also remains high with the increase in prices compared to a year ago reaching 3.2% in September.

At the same time, the price of olive oil has increased on an annual basis by 38.9%, fish by 9.9% and fruit by 7.7%.

11.3% was more accurate current and 20.2% the natural gasbut a decrease of 12.6% is recorded in fuels and lubricants.

Also, the cost of air transport shot up 36.4%, while 14% increases were recorded in health insurance premiums and 5.6% in vehicle insurance premiums.

Inflation: The numbers

From the comparison of the General CPI of the month of September 2024 with the corresponding Index of September 2023 there was an increase
2.9% compared to an increase of 1.6% recorded during the corresponding comparison of the year 2023 with 2022.

The General CPI during the month of September 2024, compared to August 2024 showed an increase of 1.8%, against an increase also
1.8% recorded during the corresponding comparison of the previous year.

The average CPI for the twelve-month period October 2023 – September 2024, compared to the corresponding twelve-month Index
October 2022 – September 2023, showed an increase of 3.0%, compared to a 4.7% increase recorded in the corresponding comparison
of the twelve months of October 2022 – September 2023 with the twelve months of October 2021 – September 2022.

Inflation: Comparison of September 2024 with September 2023

The increase of the General CPI by 2.9% in the month of September 2024, compared to the corresponding Index of September 2023,
it came mainly from changes in the following groups of goods and services:

1. From the increases of the indicators by:

• 3.2% in the group Food and non-alcoholic beverages, due mainly to price increases in: bread, meats (general), fresh
fish, olive oil, fruit (in general), preserved or processed vegetables, sugar-chocolate-sweets-ice cream, mineral
water-soft drinks-fruit juices. Part of this increase was offset by a decrease in prices mainly in: pizzas
and pies, pasta, cheeses.

• 1.7% in the group Alcoholic beverages and tobacco, due mainly to an increase in prices of alcoholic beverages (not served).

• 4.4% in the Clothing and footwear group, due to price increases in clothing and footwear.

• 5.9% in the Housing group, due to an increase in prices mainly in: house rents, house repair and maintenance,
electricity, natural gas, heating oil. Part of this increase was offset by the decrease mainly of
of solid fuel prices.

• 3.7% in the Health group, mainly due to price increases in: pharmaceutical products, medical products, medical, dental and paramedical services, hospital care.

• 0.6% in the Communications group, mainly due to an increase in the prices of telephone services.

• 1.2% in the Leisure-Cultural activities group, mainly due to price increases in: processing equipment
information, small leisure items-flowers-pets, entertainment and cultural services, newspapers-books and
stationery, holiday package. Part of this increase was compensated by the decrease mainly in prices in
audio and video processing equipment, leisure and cultural durables.

• 3.5% in the Education group, mainly due to price increases in: preschool and primary education fees,
secondary education fees, tertiary education fees.

• 5.5% in the Hotels-Cafes-Restaurants group, mainly due to an increase in prices in restaurants-patisseries-cafes-canteens.

• 3.6% in the Other goods and services group, mainly due to price increases in: hairdressers and shops
personal care, other personal items, health insurance premiums, vehicle insurance premiums. Part of that increase
it was offset by the decrease in prices mainly in other types of personal care.

2. From the reductions of the indicators by:

• 0.6% in the group Durable goods-Household goods and services, mainly due to a decrease in prices of immediate goods
household consumption. Part of this decrease was offset by the increase in prices mainly in: furniture and
decorative items, household services.

• 1.1% in the Transportation group, mainly due to a decrease in prices in: used cars, fuel and lubricants.
Part of this decrease was compensated by the increase in prices mainly in: new cars, spare parts
and car accessories, maintenance and repair of personal transportation equipment, other services related to
personal transport, air passenger tickets.

Compare with August

The increase of the General CPI by 1.8% in the month of September 2024, compared to the corresponding Index of August 2024,
it came mainly from changes in the following groups of goods and services:

1. From the increases of the indicators by:

• 0.7% in the group Food and non-alcoholic beverages, due mainly to price increases in: poultry, fresh fruit, fresh
vegetables, potatoes. Part of this increase was offset by the decrease in prices mainly in: pizzas and pies,
pasta, cured meats, fresh fish, fresh whole milk, cheeses, oils and fats.

Inflation: At 2.9% in September – Food price rise (tables)
–

• 0.6% in the group Alcoholic beverages and tobacco, mainly due to an increase in prices of alcoholic beverages (not served).

• 38.2% in the Clothing and Footwear group, due to prices returning to pre-summer sale levels.

• 0.9% in the Housing group, mainly due to price increases in: house rents, electricity, natural gas.

• 0.4% in the group Durable goods-Household goods and services, due to an increase in prices mainly in household services.
Part of this increase was offset by the decrease in prices mainly for household items of immediate consumption.

• 0.6% in the Health group, mainly due to price increases in: medical products, hospital care.

• 2.6% in the Education group, mainly due to price increases in: preschool and primary education fees,
secondary school fees.

• 0.4% in the Hotels-Cafes-Restaurants group, mainly due to an increase in prices in restaurants-patisseries-cafes-canteens, hotels-motels-inns.

• 0.5% in the Other goods and services group, mainly due to an increase in prices of other personal items.

2. From the reductions of the indicators by:

• 2.4% in the Transport group, mainly due to a decrease in prices in: fuel and lubricants, passenger transport tickets
by plane.

Forecast

The main issue remains what will happen this year in our country, as the real conditions are very difficult. For this reason and perhaps also the forecasts contained in the Medium Term presented by the government may seem optimistic. Based on what is reported in the text, inflation based on the Harmonized Index of Consumer Prices is expected to decrease significantly to 2.8% in 2024 and to decelerate further to 2.1% in 2025 from 4.2% in 2023, as the sharp decline of energy prices, despite fluctuations and the de-escalation of food prices are increasingly contributing to the deceleration of inflation. Structural inflation is expected to decline gradually, reflecting the mild deceleration in services inflation.

Source: ot.gr

#Inflation #September #Food #price #rise #tables

October 10, 2024 0 comments

Business

Olive oil: When and how much will its price fall – The estimates –

by Chief editor of world-today-news.com October 9, 2024

written by Chief editor of world-today-news.com

The supply of olive oil from the supermarket shelves will cost the consumer less this year, since according to the first indications, this year’s production is expected to be better than that of 2023.

“According to estimates, this year’s olive production will reach between 220-230 thousand tons,” SEVITEL General Manager George Oikonomou told the Athenian-Macedonian News Agency, adding that something like this will result in the normalization of the situation.

In recent years, both Russia’s war with Ukraine, which has driven up commodity prices and siphoned off olive oil, and severe weather conditions, which have reduced olive oil production across the “Mediterranean Basin” to historic lows. prices to the consumer, making “green gold” a luxury item.

As Mr. Economou underlines, this picture is about to change, since productions in all olive-producing countries are returning to “normal” levels.

“Prices will go down”

In fact, according to estimates from industry professionals, this year’s producer prices will be lower than last year. And they point out “when the quantities are almost twice as much as last year, the producer cannot be paid the same price as last year”.

Already, producers are paid about 8 euros per liter, but the same factors note that this momentum will not be maintained.

“The game has one happy and one unhappy. But we have to start looking at the consumer who has difficulty paying for oil at today’s prices”, said SEVITEL’s General Manager to APE-MPE.

And he continues: “we have to let the market play with supply and demand. Last year producer prices exceeded 10 euros and this increase was also passed on to the final consumer”.

Controls according to him must be intensified and the “green gold” sold standardized

This will help bring Greek olive oil back to the table of families. Due to the jump in prices last year, many households chose to replace the traditional virgin olive oil with cheaper sunflower oils, seed oils, etc. In fact, this is not a Greek phenomenon as in Spain and Italy, purely olive producing countries, consumption fell, just like in our country, close to 18% to 20%.

This, according to Mr. Oikonomou, “is due to the increase in price but also to the changes in the eating habits of Greek consumers” and he added “we will make all the necessary moves to put Greek olive oil back on the table”.

“These must be done in order for the olive oil to gain value”

In order to give additional value to the product, Mr. Oikonomou told the Athenian-Macedonian News Agency that “the consumer should be informed about the health benefits of olive oil”

According to him, the controls must be intensified and the “green gold” must be sold standardized and not in bulk and anonymously, which according to the CEO of SEVITEL “is often adulterated”. “If all this is done then the terms of competition and the market will work by themselves” he noted.

And he added “we definitely need a national strategy, mainly for exports and the strengthening of actions, visibility and promotion of the product” concluding “we all have to contribute in this direction”.

Source OT

#Olive #oil #price #fall #estimates

October 9, 2024 0 comments

Business

Olive oil: At what price did the first sale of the season “close” – Who bought it? –

by Chief editor of world-today-news.com October 9, 2024

written by Chief editor of world-today-news.com

At 10.20 euros per kilo, the first batch of olive oil, for the 2024-25 season, finally “sold out”. At this price, the Agricultural Olive Cooperative of Agioi Apostolos Lakonia sold, which traditionally enters the harvest first at the end of September but also first in the sales arena.

Laconia Cooperative

In particular, last Saturday October 5, 2024, the Agricultural Olive Cooperative of Agioi Apostolos Laconia, held the first open auction for the sale of safflower oil of the new olive growing season. The auction started with a starting price of 9 euros/kg, which ended up at 10.20 euros/kg.

According to OT information, five Greek and Italian manufacturing and marketing companies participated in the process. The final bidder was an Italian processing company, which bought a total of 51 tons of olive oil.

Last season

It is recalled that last season, the first act by the Olive Oil Cooperative of Aghios Apostolos was closed in mid-October, at a price of 9.25 euros per kilo, where a barrel was sold, while just last week, as it sold 40 tons of last year’s olive oil, for 7.25 euros per kilo.

The course of the price is unknown

Although the first close of the year usually sets the tone for how the new olive growing season will move, the course that Greek olive oil will follow this year remains unknown. The price situation will begin to become clearer when the rest of the country’s olive producing regions, with the main variety Koroneiki, will enter the battle of harvest and production.

Excellent quality olive oil

A price that goes hand in hand with the excellent quality of this year’s olive oil in the region, explains to OT that it was 10.20 euros/kg, the president of the Agricultural Olive Cooperative of Agioi Apostolos Panagiotis Batsakis: “Not all years are the same. This year we had no attacks from dako and the quality of the olive fruit as well as the olive oil is excellent. In fact, the yields are excellent, reaching 100 kg of fruit, 18 to 19 kg of olive oil.”

However, as Mr. Batsakis points out, for the price, the production costs should be taken into account, but also the course of the price from the producer until it ends up on the shelf should be recorded, in order to record the profit of the companies and the retail outlets .

The variety of Athinolia

It should be noted that the olive growing season in the region starts from the end of September to the beginning of October, as the climatic conditions and the unique variety of Athinolia, which ripens quickly, allow producers to produce olive oil before the harvest begins in other regions, setting the Cooperative among the first to provide consumers with fresh extra virgin olive oil.

Production at normal levels

This year, according to the first estimates, production in the region, as in most olive-producing regions of the country, will move to normal levels.

Global recovery

Global olive oil production is also showing signs of recovery, which is expected to return to 3 to 3.2 million tons. Accordingly, Greece’s production is estimated to reach 250,000 tons from 150,000 tons last year.

Source: ot.gr

#Olive #oil #price #sale #season #close #bought

October 9, 2024 0 comments

Business

Olive oil: Estimates of winter prices – 2024-09-24 18:55:28

by Chief editor of world-today-news.com September 24, 2024

written by Chief editor of world-today-news.com

Inflation in August “ran” by 3% and olive oil was more expensive by 49.1%. The big question is where the prices of the “green gold” are expected to fluctuate in the winter with the first estimates showing a de-escalation.

Reduced stocks at the end of the marketing season (2023/24) are expected to be marginally sufficient as a “bridge” for the start of fresh olive oils of the new harvest with the harvest time starting at the end of September and beginning of October.

If the growing season is not disrupted by unexpected weather events, prices are expected to decline, especially as the oil mills, trade and packaging industry reservoirs refill after December 2024.

The big “bet” for the new year

The main determining factor for the price of olive oil is expected to prove to be consumption. In the last two trading seasons, the jump in olive oil prices led a significant part of consumption, between 30 and 40%, to switch to seed oils or even to limit olive oil consumption.

The estimated olive oil production of the 2024/25 harvest may reach 3,000 or even 3,200 (quantities in thousands of tons) on a global scale, significantly higher than 2023/24 which did not exceed 2,500.

Meanwhile, another critical factor has to do with production.

This winter it is expected to be increased compared to last year with our country recording one of the lowest productions of all time, which barely approached 150,000 tons. According to olive producers, this winter’s olive oil production is expected to be higher than last year, but not at the levels that were previously predicted, which were about 250,000 tons.

Price drop even below 10 euros

The general manager of the Association of Greek Olive Oil Standardization Industries, Giorgos Oikonomou, emphasized (Ertnews) that “the quantity we expect is of the order of 230,000 tons, greatly increased compared to last year, which will, as expected, affect the prices at the level of producer”.

Based on the existing data, this year’s production in the countries of the European south is expected to exceed last year’s by 50% to 100%, dragging down the prices which in a reasonable period of time could fall, according to food retail executives, from 12 to 13 euros which is currently below 10 euros from November onwards.

#Olive #oil #Estimates #winter #prices

September 24, 2024 0 comments

Business

Olive oil: Who invests in the “green gold” – 2024-09-18 01:50:56

by Chief editor of world-today-news.com September 18, 2024

written by Chief editor of world-today-news.com

With olive oil remaining in the category of luxury food, as its price is still much higher even compared to last year when it had already jumped (+49.1% in August based on ELSTAT) and while the consumption especially of the standard has decreased dramatically (estimated at -40%), businesses around “green gold” are booming.

Well-known businessmen, such as the former banker Nikos Karamouzis, head of the investment fund SMERemediumCap, together with the experienced manager Konstantinos Antonopoulos, president and CEO of Inspiring Earth, aspire to create the “national champion” in branded olive oil with the aim of exports.

Their joint company, which will acquire the majority package of the companies Latzimas SA, Elaia Sitias-LASITIA SA and Olympian Green International SA, has a turnover of around 20 million euros and the goal in four years is to more than double and reach 40- 45 million euros.

Having “taken” a position in the two major olive-producing regions of the country, namely in Crete (Rethymno and Sitia) and in the Peloponnese (Olympia), the new business entity will create a common brand of a “family” of products with the aim of conquering America, Brazil and Japan. The total investment amounts to 10 million euros.

At the same time, Panagiotis Monemvasiotis, the main shareholder of Venetis, known mainly for the bakeries of the same name, claims that the entry into the olive oil market is another business move by the company in the food sector, while the market is waiting for who will be the new owner of Minerva , the “oldest olive oil company in the country”, although it now produces very little oil. It is recalled that Minerva Olive Oil Enterprises is headed for sale. And if the standardizers’ big bet is exports, for Alexandros Kikiza, main shareholder of the Melissa-Kikiza group, the internal market is an equally big target.

Olive oil: Who invests in the “green gold”
– 2024-09-18 01:50:56

Moreover, Terra Creta, i.e. Melissa’s arm in olive oil, currently has a purely extroverted character with 97% of its turnover, which will reach 40 million euros this year, relating to foreign markets. With the launch of ten codes of extra virgin olive oil on the domestic shelves, the oiling of which takes place within 12 hours, Mr. Kikiza’s aim is not only to diversify this “proportion”, but also to “reintroduce” to domestic and international consumers the Cretan olive oil. “The launch in the Greek market has an element of romance” he says, adding however that the group’s plans are long-term. “We are not bottlers, we are producers” notes features. Terra Creta’s three-year development plan (2024-2026) foresees investments of 5 million euros.

It should be noted that the domestic market of standardized extra virgin olive oil “translates” in value to 125 million euros and in quantity to 15.5 million liters.

#Olive #oil #invests #green #gold

September 18, 2024 0 comments

Business

Oil: From €5.8 in 2022 to €16 in 2024 – 2024-09-07 05:07:38

by Chief editor of world-today-news.com September 7, 2024

written by Chief editor of world-today-news.com

The olive producers are trying to recover after last year’s hopeless year. The price of olive oil, which increased by 56% this year, seems to be slowly decelerating, at least wholesale.

After the disastrous previous year that sent its prices soaring, consumers are waiting to see the results of the new production.

The first signs do not leave much room for optimism. The olive producer, Vice President of the Union of Agricultural Cooperatives of Heraklion, Myron Chiletzakis, spoke to “Society Ora MEGA” about the price of oil.

“Climate change has affected Europe and the Mediterranean. It all depends on climate change. Climate change and the effects we have are reducing production every day. We see exactly the same phenomenon in our country. Last year we saw a toll, this year there is a -compared to last year- increase of around 50%. This in kilograms translates into 200,000 tons of olive oil,” he said.

“Unfortunately, climate change is affecting the Greek olive grove. 80% has a water supply problem. Last year we produced 350,000 tons of olive oil. Our country comes out, if we manage to go to 200,000 tons. We saw in the bad weather that happened, that oil producing areas had hailstorms. This bruised the olives, injured the fruit,” he said.

“We’ll call the oil ladaki”

“The price of olive oil has fallen for the producer, it is currently at 7.5 euros, but it has not fallen for the consumer. If it doesn’t rain in the next few months, we’ll call oil ladaki. By October 15, we will have a complete picture of the price of oil. If it doesn’t rain in September and it doesn’t rain in October, no producer will go to pick the olives. We had a mild winter in Crete. Crete is the number 1 producer of olive oil, and it has a big problem with water”, Mr. Chiletzakis emphasized.

“Unfortunately, eating habits change, oily food changes taste. The Spanish who are the first in oil consumption, the percentage has decreased by 80%”, the producer underlined.

Spectacular increase of olive oil within one year: July 2023 – July 2024 + 56.7% (Source: ELSTAT)

Olive oil: The course of its price in 2 years

November 2022: €5.50 – €5.80 / litre
November 2023: €12 – €15 / litre
January 2024: €13 – €17 / litre
September 2024: €11.50 – €16/litre

My dear… oil

January 2023 – February 2024

Price increase

Portugal 70%
Spain 63%
Greece 63%
Cyprus 49%

Source: Eurostat

Spain

Olive oil dethroned January – June 2024

107 million liters of olive oil (18% decrease)
179 million liters of sunflower oil (25% increase)

#Oil

September 7, 2024 0 comments

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