Price for Italian extra virgin olive oil drops to ’09 levels

A 20% hike in olive oil imports by Brazil, 11% by the EU, 7% by the USA and 5% by Canada offset falls in Japan (-12%) and Australia (-10%), according to the International Olive Council’s figures for the 2010/11 crop year. Released in the IOC’s December newsletter, the figures show that the year from October 2010 to September 2011 was also notable for significant drops in reported producer prices. By December 2011 the producer price for extra virgin olive oil in Italy had fallen to €2.43/kg, down 18% on December 2010 and 40% from last summer’s peak.