PORTUGAL: Soaring costs to raise Port prices
The price of grape spirit used to fortify Port will double as European distillation subsidies are phased out, say producers.
Grape spirit prices increased 50% in 2008 following a reduction in EU distillation subsidies and a small 2007 harvest in traditional distilling regions.
It is estimated that the increase will raise Port prices up to 8%, with further rises likely.
Charles Symington, winemaker at Symington Family Estates, told just-drinks today (16 April): "Spirit prices are likely to go up for the 2009 vintage by another 30% but it will end up 100% more than when it was subsidised."
Adrian Bridge, managing director of the Fladgate Partnership, said: "The distillers understand they can price brandy higher and still get paid. There is not enough competition but in time we will see additional spirit from South America."
A bottle of Port contains 20% grape spirit.
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