Olive oil prices soar
Due to massive harvest failures in Spain, the prices of olive oil in supermarkets have doubled in some cases. Many olive farmers blame climate change. It is still unclear whether the next harvest will be successful. Consumer advocates advise considering alternatives.
Consumers in Germany have to dig deeper into their pockets for olive oil 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, according to the test buyers. Last month, olive oil prices rose by 40 percent or more compared to the previous year. Overall, food prices increased by only 1.3 percent in July.
Since 2020, the price of olive oil has more than doubled, 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 is now 9.99 euros. The shelf price of a private label with 750 milliliters has even risen from 3.89 to 9.49 euros. "The reasons for the price increases are weather extremes in Southern Europe, harvest failures, and increased production costs for cultivation and harvesting," said Jana Fischer, a food expert at 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. The main reason for this is unfavorable weather conditions - too little rain in the winter months and high temperatures. Experts and many olive farmers blame climate change for this.
Consumer Center Advises Cheaper Alternatives
In Spain, the largest producer of olives, the price of olive oil increased by 191 percent between January 2012 and June 2024, according to the national statistics office. The reason was harvest failures due to drought and increased demand for "liquid gold."
However, producers are hoping 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, according to the newspaper "El País". 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, warned that the actual development will only be seen in October, when the next year's May harvest is considered secure. Currently, however, there is "only a little oil left, and theoretically, it should be even more expensive," explained Valero.
In Greece, this year's production is expected to 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 when asked. To save money, consumers can opt for cheaper alternative products.
The Consumer Center recommends rapeseed oil and sunflower oil, both types are good for heating, 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.
The Commission has introduced initiatives to promote the use of cheaper alternative oils, such as rapeseed oil and sunflower oil, in response to the increased price of olive oil. Due to the massive harvest failures in Spain and other olive-producing countries, the Commission has seen a significant increase in olive oil prices.
