The evolution of the price of olive oil continues to be a mystery. The Organization of Consumers and Users has recently reported that experts predict that the rise in the price of olive oil will continue until June, at least. From then on, he states that it could be reduced if it rained.
However, the scenario is complex. On the one hand, this institution values that if the harvest ends up being good in the following months, producers will have to sell the product before the new season begins. This, added to the possibility that the elimination of VAT for liquid gold is approved, could lead to a reduction in the amount. But, on the other hand, it is not yet possible to know the real benefits, given that this measure to alleviate inflation will end on June 30.
In addition to trying to predict the future of this basic food in Spanish cuisine, the OCU has shed light on the evolution of its value to date, in different supermarkets.
In a comparison of prices from December 2020 to December 2023, the study has revealed that the price of white label soft olive oil rose by 225% from 2020 to 2023, going from being worth €2.35 on average to €7. €.66. This exorbitant increase occurred in a context in which purchases rose by 38% in this same period of time.
The OCU looked at how the cost of 1-litre plastic bottles has changed from December last year to the beginning of this month. To do this, three products were selected: private label or distributor extra virgin olive oil, EVOO from a popular manufacturer brand in supermarkets, and distributor brand mild olive oil. For this last category, bottles from the Alcampo, Carrefour, Condis, Dia, El Corte Inglés, Eroski and Mercadona chains were taken into account.
The results of this comparison reflected that olive oil increased from December to April of this year between 7% and 23% depending on the category.
private label EVOO
It has increased by 7% on average, going from €9.20 to €9.84 in the establishments in the study.
Manufacturer brand EVOO
The average increase has been 23%, the maximum, for the three chosen products, going from a cost of €12.67 to €15.33.
Mild private label olive oil
The average price has increased by 21% on average, going from €7.6 to €9.21.
The report has revealed that the supermarkets where the greatest price increase for soft oil has been observed since December have been in El Corte Inglés, Carrefour and Alcampo. Although it has also reflected that, currently, prices between the different supermarket chains are much more similar than in December 2023, a fact that the OCU points out as a possible indicator of stabilization of the price of olive oil.
