July 24, 2009

Chianti supply to be cut amid price drop

The head of a consortium of Chianti Classico producers says the group will limit supply because of a drop in prices.

Chianti Classico consortium chief Marco Pallanti said to stabilize upscale wine prices amid the economic downturn, the consortium will limit the amount of Chianti available, the Italian news agency ANSA reported Thursday.

The economic downturn, together with a strong euro over the dollar, has hurt us and forced us to adopt measures to counter the decline in prices, Pallanti said.

We are fortunate that in our favor we have been producing excellent vintages over the past five years and all indications are that this year will be the same, he added.

Pallanti said production of Chianti Classico would not be reduced despite the cutbacks in the market supply in the next two years. All extra wine will be kept in storage for future sales, Pallanti told ANSA.