MEZIESBLOG

Olive oil prices have finally started to fall after months of record-breaking inflation.

Analysis of Assosia data by The Grocer shows olive oil products in the major supermarkets dropping in price since 1 January, with some lines down by as much as 33%.

Prices hit record highs in 2023 and 2024 after extreme drought in Spain, where almost half of the global supply is produced.

Olive oil even became the most stolen item in Spanish supermarkets last year, with gangs targeting the “liquid gold”.

But a return to milder weather conditions in recent months has meant suppliers have been able to reduce their wholesale prices, leading to a drop in shelf prices.

“We knew olive oil harvests were projected to be higher than last year, helped by rain and milder temperatures in spring, which created better growing conditions,” said Napolina’s marketing director Jeremy Gibson.

“This ideal climate improved the state of the olive trees, previously decimated by the dry weather and heatwaves experienced across southern Europe last year.

“This was welcomed by growers, and as a result, they were able to shift their focuses away from navigating another poor harvest, to preparing the groves for a solid season and a return to normal volumes.”