Estimates about olive oil production in Greece are optimistic this year, although safer conclusions will be available in about a month’s time.

“At the moment we are in the flowering period and after about a month they will be bearing fruit. All this under the condition that everything will develop normally,” the president of the National Interprofessional Olive Oil Organization, Manolis Giannoulis, told the Athens-Macedonian News Agency.

However, although no firm conclusions can be drawn yet, there is a feeling that the harvest will be higher than last year’s, which according to estimates reached between 130,000-150,000 tons, a record low. In the last month, there has also been a de-escalation in producer prices, which has not yet reached the final consumer.

“We have a reduction of 1-1.30 euros per liter in producer prices,” Giannoulis said adding: “Of course this will gradually be reflected in the supermarket prices. Today, extra virgin olive oil is being sold by producers for €7.80-8.20/lt compared to €9.30-9.50/lt a month ago.”