Photo: Flickr – if winter ends
Nothing seems to be going right for the debt-laden countries in southern Europe.According to the Financial Times Javier Blas, wholesale olive oil prices are at 10-year low:
“The market is in serious crisis,” said Pekka Pesonen, head of the Copa-Cogeca farming union in Brussels. “This crop is vital for the main producing countries in terms of maintaining employment in their rural areas.”
The price of premium-quality extra virgin olive oil in the wholesale market fell this month to $2,900 a tonne, the lowest since 2002 and down more than half from nearly $6,000 a tonne in 2005, according to the International Monetary Fund.
Olive oil is also suffering from a major supply glut and increased competition from cheaper vegetable oil alternatives.
Business Insider Emails & Alerts
Site highlights each day to your inbox.