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Consumer olive oil prices across the EU rose 78% between 2022 and 2024 before falling 23% in 2025, according to Eurostat data. This marks the first decline after four consecutive years of increases, with the drop even steeper in several key producing countries.
Years of rising prices
Prices climbed 4.1% in 2021, 14.5% in 2022, 34.4% in 2023 and 32.2% in 2024. Year-on-year monthly inflation exceeded 50% in several months from early 2021 onwards, peaking at 52.4% in March 2024.
According to the Portuguese Olive Oil Association, production shortfalls over the previous two seasons, caused by severe drought across the Mediterranean and particularly in Spain, combined with depleted stocks, led the market to adjust through higher prices.
Sharp drop in output
Figures from the International Olive Council (IOC) show that EU olive oil production fell by 39% in the 2022/2023 season to 1.39 million tonnes. Output recovered to 1.55 million tonnes in the 2023/2024 season but remained well below the average rate. Preliminary figures indicate production rose to around 2.11 million tonnes in the 2024/2025 season, and is expected to stay only slightly below that level in 2025/2026.
The International Olive Council said the 2022 summer heatwave significantly affected major producing countries, and that supply imbalances are generating similar pressure on prices.
Domestic prices fall in 2025
Spain, the EU's largest producer accounting for more than 65% of output, recorded the biggest drop in consumer prices in 2025, at 38.9%. Greece came second with a 29.2% decline, followed by Portugal at 24%. These three countries were the only ones where prices fell by more than the EU average.
Among the EU's four largest economies, France saw the smallest decline, while prices fell more sharply in Italy and Germany.
Source: Yahoo Finance