- Olive oil prices continue to rise
For olive oil, consumers in Germany have to dig deeper into their pockets when shopping. In July, the price was 45 percent higher than a year ago, as reported by the Federal Statistical Office. No other food item showed a greater increase. Previously, olive oil prices increased by 40 percent or more per month compared to the previous year. Overall, food prices increased by only 1.3 percent in July.
The price of olive oil has more than doubled since 2020, according to statistics. An analysis by the price comparison portal Smhaggle shows: A 500-milliliter bottle of olive oil from a well-known brand manufacturer cost 5.49 euros in January 2022 and 9.99 euros currently. The shelf price of a private label with 750 milliliters even rose from 3.89 to 9.49 euros. "The reasons for the price increases are extreme weather conditions in Southern Europe, harvest failures, and increased production costs for cultivation and harvesting," said Jana Fischer, a food expert from the Hamburg Consumer Center.
Olive oils are pressed in countries like Italy, Greece, and Spain and imported to Germany. The situation is difficult for the main exporters. In Spain, the world's largest olive oil producer, the harvest yield in the 2022/2023 season fell by more than half, and it was not much better in Italy and Greece. According to producers, the main reasons are unfavorable weather conditions - too little rain in the winter months and high temperatures. Experts and many olive farmers blame climate change.
Consumer Center recommends cheaper alternatives
In Spain, the largest producer of olives, the price of olive oil between January 2012 and June 2024 increased by 191 percent, according to the national statistics office. The reason was harvest failures due to drought and increased demand for "liquid gold".
However, producers hope for a better harvest this year. In the months of April and May during the olive blossom, there was no damaging extreme heat, and thanks to abundant rainfall in the spring, water reserves are above average, the newspaper "El País" reported. These two factors suggest a return to normal harvest levels in the next season. However, Luis Carlos Valero, spokesperson for the Young Farmers' Association Asaja in Jaén, warns that the actual development will only show in October, when the next year's May harvest is secure. Until then, it's still: "There is only a little oil left, and theoretically, it should be even more expensive," the newspaper quoted Valero.
In Greece, this year's production could be moderate to good, according to an estimate by the National Olive Oil Organization - provided the weather cooperates.
The German food industry associations did not want to make any predictions about possible further price increases for olive oil on request. To save money, consumers can switch to cheaper alternative products. The Consumer Center recommends rapeseed oil and sunflower oil, both of which are suitable for frying, while linseed and walnut oil are suitable for cold dishes. Figures from the Federal Statistical Office show: Sunflower oil and rapeseed oil were 9 percent cheaper in July 2024 than a year ago.
Other vegetable fats, such as rapeseed oil and sunflower oil, offer cheaper alternatives for consumers looking to save on cooking expenses. These oils, which are suitable for frying, saw a 9% price decrease in July compared to the previous year.
