Last year, olive oil skyrocketed in price and became one of the most expensive products on the shopping list. And although there has been much talk about the date on which the price begins to drop, no change has yet been seen in supermarkets.
Gonzalo Bernardos, economist and professor at the University of Barcelona, spoke a few days ago about this topic in ‘Better late’, on laSexta. And he believes that it is essential that a factor be given for the price of oil to drop soon: “We need it to have rained in spring – which it has – and that when flowering occurs it is neither too hot nor too rainy.”
The expert predicts that “if we are lucky and the characteristics are produced and production exceeds a million and a half tons, we will be able to see virgin olive oil at five or six euros.” This would mean that EVOO production doubles compared to the figures for the 2023-2024 campaign, which was 847,000 tons.
Although this price reduction will not be immediate, since prices are set at the beginning of the production campaign and then do not decrease, any movement will be upward.
According to Bernardos, it would be “possible” that a drop could occur when the next campaign begins, something that would be “a great joy from January 2025” for consumers who do not want to stop buying olive oil for their kitchens.
