Prices of virgin olive oil imported into Australia continue their upward trend according to Australian Bureau of Statistics data.
The imported price of packaged virgin olive oil reached $5.78/litre, an increase of $1.24/ litre over December and 13% above previous the highest price this financial year in August. The price of bulk virgin olive oil followed the trend and remained higher than packaged olive oil.
The price hike is probably caused by a number of factors, including the lower Australian $ exchange rate with the Euro and the switch from older olive oils being sold off in the last four months of 2008 to new season oils from the Northern Hemisphere coming on the market early in 2009.
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| Imported olive oil customs value (cv) in Australian $ per litre
| |
| Month | Virgin olive oil packaged | Virgin olive oil bulk |
| Jul-08 | 4.06 | 4.07 |
| Aug-08 | 5.11 | 4.11 |
| Sep-08 | 4.66 | 5.13 |
| Oct-08 | 4.79 | 4.24 |
| Nov-08 | 5.04 | 5.34 |
| Dec-08 | 4.54 | 4.86 |
| Jan-09 | 5.78 | 5.82 |
Source: Australian Bureau of Statistics data
Olive Business
22/2/2009
