Spain's olive oil price rollercoaster deserves a closer look
Own-brand extra virgin olive oil fell from €10.50 to €4.35 per litre between 2024 and 2026. Drought and two poor harvests explain the surge. Here's what's behind it.
English · Original discussion in Spanish · Published
The price of own-brand extra virgin olive oil went from €3.50 per litre in 2021 to more than €10.50 in early 2024, and has returned to €4.35 at the end of 2026. Drought and two consecutive poor harvests explain most of the journey.
The surge in own-brand extra virgin olive oil prices in Spain involves less mystery than it seems and more drought than anyone cares to remember. A litre averaged **€3.50** in 2021 and topped **€10.50** in early 2024. By the end of 2026 it is back at **€4.35**.
## From the Ukraine war to the first scare
In March 2022, panic over the shortage of Ukrainian sunflower oil and rising energy costs pushed a litre up to **€4.50**. It was the first warning. The sector had enjoyed stable margins, and suddenly everyone was eyeing the shelves with suspicion.
Things didn't stop there. With reservoirs empty and Spanish harvests cut in half, the wholesale market tightened and the bottle hit **€7.80** in 2023.
## Two bad harvests in a row and the 2024 peak
The final blow came with two consecutive bad harvests, something not seen in living memory in Spain. Safety stocks were drained and a litre topped **€10.50** on most supermarket shelves in early 2024. That was the peak.
Some argue the price rise was a business decision and not just the result of drought. It's an understandable suspicion, but it isn't backed by evidence: the wholesale price of olive oil is set by the market and reflects the available supply.
## The return of the rains and €4.35
At the end of 2026, the widespread return of the rains and an excellent domestic harvest brought the market back to normal. Prices fell to **€4.35** per litre. That's still above the €3.50 of 2021, but far from the peak.
Consumers' memories are short, and their wallets' even shorter. It's worth remembering that olive oil is an agricultural product and its price depends on the harvest. This article is not financial advice.
The surge in own-brand extra virgin olive oil prices in Spain involves less mystery than it seems and more drought than anyone cares to remember. A litre averaged **€3.50** in 2021 and topped **€10.50** in early 2024. By the end of 2026 it is back at **€4.35**.
## From the Ukraine war to the first scare
In March 2022, panic over the shortage of Ukrainian sunflower oil and rising energy costs pushed a litre up to **€4.50**. It was the first warning. The sector had enjoyed stable margins, and suddenly everyone was eyeing the shelves with suspicion.
Things didn't stop there. With reservoirs empty and Spanish harvests cut in half, the wholesale market tightened and the bottle hit **€7.80** in 2023.
## Two bad harvests in a row and the 2024 peak
The final blow came with two consecutive bad harvests, something not seen in living memory in Spain. Safety stocks were drained and a litre topped **€10.50** on most supermarket shelves in early 2024. That was the peak.
Some argue the price rise was a business decision and not just the result of drought. It's an understandable suspicion, but it isn't backed by evidence: the wholesale price of olive oil is set by the market and reflects the available supply.
## The return of the rains and €4.35
At the end of 2026, the widespread return of the rains and an excellent domestic harvest brought the market back to normal. Prices fell to **€4.35** per litre. That's still above the €3.50 of 2021, but far from the peak.
Consumers' memories are short, and their wallets' even shorter. It's worth remembering that olive oil is an agricultural product and its price depends on the harvest. This article is not financial advice.
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Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (4 replies).
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