Having endured years of drought and falling yields, olive growers around the Mediterranean are hailing an improved crop which will lead to a drop in the price of supermarket-sold olive oil
Supermarket olive oil prices reached as high as £16 per bottle(Image: Getty Images)
Olive oil prices are set to come down, as suppliers of the cupboard staple are expecting a bumper harvest. Spain, the world’s largest producer, looks set to have a positive 2024/25 season.
Based on farmers’ feedback in Spain, which has been severely affected by extreme drought and adverse weather in recent years, the next Spanish harvest could be 1.4 million tonnes, compared to 850,000 last year.
Meanwhile the International Olive Oil Council production estimates now show an improved harvesting season for most producing countries, including Spain, Portugal, Greece, Turkey and Tunisia.
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Spanish growers are reporting a much higher yield this year(Image: Anadolu via Getty Images)
Olive oil has been in crisis, as demand has outweighed supply sending prices soaring. Data from the Office for National Statistics showed that in July, the average price for a bottle was £8.83 – up 38% from the same time in 2023, £6.39. Some shoppers even reported seeing supermarket shelf prices of as much as £16 for a bottle.
Suppliers are still facing prices that are about 20% higher than last year for many of the key European regions with olive oil fraud also being on the rise due to the situation.
But Walter Zanre, UK managing director of Filippo Berio, one of the UK’s biggest olive oil companies, said there was a light at the end of the tunnel. He added: “With the arrival of the new season oils, shelf prices will reduce for consumers.“
However, this won’t be until January as the new oil has to work its way through the supply chain to supermarket shelves.
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