After reaching all-time highs over the past two years, the price of olive oil continues to decline and everything indicates that this percentage will already be observed in supermarkets across the Christmasideal date for this. First of all, so far in 2024 its cost has been reduced by 25% and only last week the price of extra virgin fell by 11%. Everything therefore indicates that prices will follow this line in the coming months.
The price of olive oil keep covering the covers Spain after breaking historical records in recent years. As of 2021, over the last three years, the cost of this product in our country has been 200%, even more than in the rest of the countries in the region. European Unionwhich recently increased by 119%. Only between 2023 and 2024, in our country, it increased by 70%, leaving the classic one-liter bottle at more than 10 euros.
Olive oil has thus gone from 6,000 euros per tonne in recent months to less than 5,200 eurosnumbers translated into Spanish mean that the one liter bottle of EVOO (extra virgin olive oil) that can be found in any establishment will even drop below 8 euros by the end of the year and will continue to do so in the coming months, unless ‘a period of drought does not prevent it.
The price of olive oil falls
According to cooperative data Oleosteppecollected by the newspaper ABCspecify that a ton of EVOO costs 5,400 euros while that of normal olive oil costs 5,000 euros. The Poolred System of the Olivar Foundation also echoed the reduction in the price of this product, which went from 6.4 euros per kilo to 5.7 euros per kilo. EVOOi.e. a drop in the first week of November of 11.14%. As for the virgin, it was 4.4%. Red pool It also published the prices of different types of oil in the week of November 5 to 11:
- Average transaction price: 5.14 euros.
- Extra virgin olive oil: 5.17 euros.
- Virgin olive oil: 5.12 euros.
- Lampante olive oil: 5.05 euros.
Production will increase by almost 50% in 2025
At the beginning of October, the new olive oil production campaign began and therefore the Department of Agriculture made a statement estimating that this will increase by up to 50% in the coming months. This will also significantly reduce the cost of all types of oil that can be found on the market.
The new production campaign will exceed 1.26 million tonnes, or 48% more than the previous campaign and almost 80% more than in 2022-2023, a year in which historic lows were reached. It is for this reason that Luis Planas, Minister of Agriculture, fishing and foodconfirmed in a press release that these data “are positive” and that they will contribute to “a return to normal on the markets”.
The ministry also stressed that last spring’s rains were a key factor in increasing production and that this would lead to a slight drop in prices. “The rains produced during the spring allowed good flowering and good fruit setting of the olive tree,” he declared, while leaving the door open to possible DANA this will be decisive to extract the best version of the product. “They will be decisive to guarantee the correct evolution of the olive, especially in dry olive groves, where precipitation in this cultivation phase is essential for the production of oil”, declared the minister at the start of the production campaign . olive oil.
The latest increases in the price of olive oil have dominated the consumer price index in recent years and that is why at the time the government subtracted the VAT on this type of product, which was added (2%) last October. This is why the one-liter bottles found in supermarkets once again cost more than 9 euros. In mid-November, they are already around 8 euros and everything indicates that these figures will fall in the months to come.
