He price of extra virgin olive oil (EVOO) drops at origin and consequently, it is also pay cheaper in supermarkets. Leaving aside brands like Carbonell, Koipe or La Española, In food stores, the price (in liter or 5-liter bottle format) of this liquid gold has been reduced by up to 25%, for white brands such as Auchan, Hacendado or Carrefour.
The reason is none other than the drop in prices of olive oil at origin, something that the Ministry of Agriculture, Fisheries and Food and which the experts confirmed when they pointed out that a good olive harvest is expected in 2025. In this sense, supermarkets such as Alcampo, Mercadona or El Corte Inglés They have already entered fully into the price war, betting on their private labels.
Because, in the oleic market, there have been significant drops in the price of own-brand extra virgin olive oil, which accounts for up to 50% of the market in Spain. A trend that follows in the footsteps of inflation, which continues to rise if the latest CPI data is taken into account.
The new reference price is 6.75 euros for a one-liter bottle, always taking into account that it refers to the white label. If we look at the price of the same month of 2023, an intense drop of 25% can be seen.
Carrefour and Alcampo sell the cheapest oil
The French chains Carrefour and Alcampo (Auchan) are the ones that the price of its private label olive oil has dropped, paying an average of 6.74 euros per liter in the online store. On the other hand, in Mercadona, Consum and Aldi you pay 6.75 euros per liter. It must be taken into account that, when purchasing, it is still more economical to opt for the 5-liter bottle.
At El Corte Inglés, the price is 6.89 euros and if you attend to the refined olive oil, the price drops below 6 euros per liter. However, when the customer searches for brands such as Coosur or Carbonell, they will not find this discount, since it only applies to own brands.
But, Why does this 25% discount affect private labels? On the one hand, because in these cases there is no need for an advertising campaign to sell the product and supermarkets must ‘run’ promotions.
On the other hand, because when the contracts for the supply of oil to the stores were closed, it was more expensive than now. We must also take into account the moment in which these price reductions are being seen. Christmas comes with significant discounts and not only on olive oil, but on other products such as ham or seafood.
The price of olive oil falls at origin
In the month of October, when the new olive harvesting campaign began, reductions in the price of olive oil began to be seen. Specifically, according to data from the Ministry of Agriculture, it means that you pay 27% less.
Now, the estimates made by the minister of the branch, Luis Planas, put the number of tons of olives that will be obtained in this first harvest at 1.26 million. 50% more than last year.
Gone are the problems that appeared last year, when rain was scarce and the production of extra virgin olive oil was complicated.