Olive Oil Prices Skyrocket: Shoppers Splurge Up to £16 for 'Liquid Gold
Olive Oil Prices Skyrocket: ...
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Olive Oil Prices Skyrocket: Shoppers Splurge Up to £16 for 'Liquid Gold

15 April 2024
2 min.
Olive Oil Prices Skyrocket: Shoppers Splurge Up to £16 for 'Liquid Gold

Price Surge Alert

Leading supermarket brands approach £8 per bottle. Recent data from the Office for National Statistics shows a 39% increase in average prices over the past year, now at £7.68 compared to £5.51 just twelve months ago.

Shoppers are feeling the pinch even more with two-liter bottles commanding a staggering £16, signaling that relief from these soaring prices is not on the horizon. This comes on the heels of a viral photo depicting olive oil on sale at a Tesco store for nearly £13 per bottle.

Responding to the ONS figures, Tesco clarified that their olive oil offerings start at a much lower price point, beginning at £3.30. However, consumers across Britain and Europe have been grappling with steep price hikes in recent months, attributed to a myriad of factors.

Severe weather wreaked havoc on olive groves throughout Europe, notably in Spain, the global leader in olive oil production. Record-breaking temperatures, with scorching highs in the low forties Celsius, battered the region. Moreover, wildfires inflicted significant damage in major producing nations like Greece, intensifying pressure on olive oil production.

Amidst a concerning surge in olive oil theft, often referred to as the "liquid gold" theft, criminal organizations are exploiting its lucrative value. This illicit activity involves stealing olive oil from supermarkets and illicitly reselling it. Ruben Navarro, the leader of Tu Supermarket chain in Spain's Andalucia region, emphasized the gravity of the situation, remarking, "Olive oil has emerged as a prime target for theft."

In response to this trend, supermarkets in affected regions have implemented stringent security measures, including chaining large five-liter bottles and attaching security tags to smaller vessels. These efforts aim to curb theft and safeguard olive oil supplies for consumers.

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