A price of olives and olive oil will rise from January 1 in Georgia.
The reason is almost 100% dependence of theGeorgian olive market on imports. Due to the poor harvest in the European countries, olive oil has increased in price by one third.
Due to rain and high temperature in the spring, the olive harvest in Italy, Greece, France and Portugal has reduced by one third. These countries account for70% of olives and olive oil in the world market.
The price increase will occur in Georgia as well because olive oil is mostly imported on the Georgian market.
GeoCop company which holds 90% of Georgian olive oil market and 85% of olives market says that prices for products imported from Greece have increased, while olive oil stocks imported from other European countries will suffice by the end of the year, accordingly, price hike is expected from January 1.
The company GEO-Live, which planted 250 thousand saplings this year, is going to increase prices too.The company founder notes that there is a deficit of olives in the world, which in turn will be reflected in prices.