Price olive oil, The indispensable liquid of the Mediterranean diet, It’s been causing a stir lately.And. With attractive offers in supermarkets and rumors of high prices on the horizon, It is very important to maintain composure before filling. shopping card with jugs of oil.
While it is true that olive oil is a valuable product, Rushing to offer can lead to misunderstandings. Department stores are reducing the prices of olive oils on their shelves, from extra virgin olive oil to the most common olive oil.
But, Why the olive oil buying frenzy warning? The reason liesForecasts for the 2023 harvestThis shows that there will be a limited amount of olive oil, about 660,000 tons. Although autumn rains have improved the situation somewhat, the supply is not expected to be abundant.
For this reason, Why warning? The demand for olive oil is elastic; This means that as the price increases, fewer people are willing to buy it, opting for more affordable alternatives such as sunflower oil.
Price elasticity of demand
Prices paid by major bottlers to producers for olive oil at the end of 2022 largely remained below five euros per liter, according to data from the PoolRed price observatory. Then, It is unlikely to think that farmers or oil mills will set exorbitant prices at origin in 2023Because the value chain could not cover such high costs without transferring them to the end consumer.
Additionally, olive oil, unlike other products, does not remain unchanged over time as it tends to oxidize faster after opening. Considering that many Spanish families consume on average around 20 liters of olive oil per year, For most homes, purchasing large jugs may not be necessary..
The 2023 harvest season is just around the corner, which means fresh oil will soon be available on the market. It is therefore wise to consider actual needs and consumption rotation before purchasing large quantities of olive oil. Choosing smaller packaging may be the best strategy for most consumers.
Although olive oil is a culinary treasure, No need to panic over high price rumors. Common sense and planning are key when purchasing this product; ensuring that purchases are tailored to actual needs and avoiding unplanned purchases that may not be economically viable.
Source: Informacion
James Sean is a writer for “Social Bites”. He covers a wide range of topics, bringing the latest news and developments to his readers. With a keen sense of what’s important and a passion for writing, James delivers unique and insightful articles that keep his readers informed and engaged.