Fourth time price increase since October 2023, alternative oils such as blend oil, rice oil will get more attention.
Nisshin OilliO Group has announced a price increase for a total of 30 olive oil products, both for household and professional use, starting with the May delivery. The sales price will be raised by 23% to 80% due to continued reduced production in Europe caused by heatwaves and droughts, leading to a global shortage of stock.
For household products, 22 items are targeted for the price increase. Almost all products, except for some seasoning oils, will see a price increase ranging from 23% to 64%. “BOSCO Extra Virgin Olive Oil (456g)” will have a 50% price increase, and “Nisshin Delicately Fragrant Extra Virgin Olive Oil (350g)” will see a 62% increase. For professional use, 8 products will have their selling prices raised by 60% to 80%.
This price increase for olive oil products has been ongoing since 2022, and this announcement marks the fourth time since October 2023.
Source: Nikkei MJ March 4, 2024
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