Price of olive oil set to rise

OLIVE oil producers in Greece are stockpiling supplies amid fears

Kategori	: English
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Okunma	: 132
Tarih	: 22 Temmuz 2010 15:43

OLIVE oil producers in Greece are stockpiling supplies amid fears for their domestic economy.

Tanks are full of olive oil but producers could cause a big spike in prices as they preserve supplies.

Filippo Berio, the UK's biggest olive oil brand said that prices are already 20 per cent higher than they were a year ago, as production struggles to keep up with due growing worldwide demand.

Walter Zanre, managing director of Filippo Berio said: “Greek growers consider stocks of olive oil in tanks to be a safer bet than cash in a Greek bank.”

Though the olive oil will have to be sold eventually, in the short term, the stockpiling is removing the third largest producer of olive oil from the global marketplace.

Greece is second only to Spain and Italy for olive oil production and it regarded by may as the main supplier of high quality extra virgin olive oil.

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