The price of olive oil in Canada has recently shown a temporary stabilization with a slight decline.<\/p>\n
According to Statistics Canada, the average price of olive oil per Liter in July was $16.68, and in August it slightly decreased to $16.40. Last year, the price of olive oil soared due to the severe drought in the Mediterranean region. According to Statistics Canada, the price of olive oil per Liter in 2023 is expected to increase by 27.23%, or about $3.51.<\/p>\n
In an interview with a media outlet, Michael von Masso, a professor of food economics at the University of Guelph, said, \u201cLast year, the severe drought in the Mediterranean region had a big impact on the olive oil harvest, but this year, the harvest is returning to normal due to the rain.\u201d<\/p>\n
Professor Bon Masso explained, \u201cMajor producing countries such as Spain and Greece are recording harvests close to normal compared to last year, and as a result, prices are falling as supply is restored.\u201d Spain is the world\u2019s largest producer of olive oil, and last year\u2019s production decline of more than 60% had a major impact on the global olive oil market. However, prices are expected to stabilize as production increases this year.<\/p>\n
Professor Bon Masso predicted that \u201cthe price of olive oil could fall by another $3 by the fall of this year,\u201d but added that \u201cit will be difficult to return to last year\u2019s price level.\u201d According to Statistics Canada, the price of one Liter of olive oil in August 2023 was $12.89. Professor Bon Masso warned that \u201cclimate change will increase the price volatility of olive oil in the future,\u201d and that \u201cprice may surge again depending on the climate situation in the Mediterranean region.\u201d He explained that \u201cfood prices will fluctuate greatly in the future rather than remaining at a consistent level as in the past.\u201d<\/p>\n
Meanwhile, prices of soybean oil and canola oil are also expected to fall due to increased harvests, so stabilization of prices for edible oils in Canada is expected.<\/p>\n","protected":false},"excerpt":{"rendered":"