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The price of olive oil at source returns in Spain to its historical level of three years ago, with a radical fall that breaks with the expectations of some operators who predicted that prices would remain above 6 euros until December.
According to the Poolred system, the price of extra virgin olive oil at source has fallen to 5.17 euros, the lowest level in months after several years of continuous rise.
In the last decade, olive oil, more valuable than ever, has experienced an impressive price rise. While in 2014 it hovered around 1.87 euros per kilo, in 2024 it reached an all-time high of 9.18 euros per kilo. However, in the last few weeks, the market has experienced a significant normalisation, which is a great relief for consumers.
According to Infaoliva, the Spanish Federation of Olive Oil Manufacturers, the price of extra virgin olive oil was 6.61 euros just a week ago, falling to 5.2 euros on 11 November. Virgin oil has also fallen, standing at 4.96 euros, while lampante has gone from 6.017 to 4.83 euros in the same period.
For its part, the olive oil portal reports lighter decreases, indicating that EVOO has gone from 6.88 euros to the current 6.39 euros, while virgin has dropped from 6.40 to 5.73 euros, and lampante from 5.56 to 5.48 euros, according to data from 11 November.
Olimerca also points out that, in the first week of November, the price at origin of extra virgin olive oil stood at 5.40 euros/kg and virgin olive oil at 5.00 euros/kg, with lampante oils with hardly any supply, trading at around 4.90 euros/kg. This is an unprecedented drop in the market: 2,500 euros in just three weeks, with a rate of decline of 800 euros per week.
In spite of this drop in origin, consumers have not yet been able to perceive the change, as most supermarkets are still maintaining their October prices, without having yet adjusted to the new prices.
