The OCU has announced the date when the price of olive oil will fall in Spain

This was also more noticeable in some products than others, which rose in price much higher than others. This is the case olive oil, a staple of the Mediterranean diet that has become increasingly expensive in recent years. A study prepared by the OCU in the first quarter of 2024 detailed that white label mild olive oil was criticized. growth 225%

in recent years the average cost has risen from 2.35 euros in 2020 to 7.66 euros last December.

drought And bad harvest Due to the high temperatures recorded over the past two years, they have become two of the main reasons that have prompted an increase in prices for this product, which is so common in the kitchens of our country.

This growth did not stop in the first months of 2024, but continued to increase, as experts predicted. Although in December there were price difference between different supermarkets, now in April the cost has leveled off in almost all chains, which indicates that “prices are more stabilized”. “Significant differences can still only be found in oils from different manufacturers,” the organization noted.

This ongoing rise in oil prices has caused many consumers to start looking for alternatives to this oil. “liquid gold”. However, the OCU reported good news: if the harvest matches the forecasts expected for this year, the harvest date may already be marked on the calendar. the price of olive oil is falling again

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Date when the price of olive oil will fall according to the OCU

According to the OCU, in the coming months, olive oil may continue to rise in price or, at least, remain the same as experts predicted. Changes can happen from the second semesterwhen, if the predictions come true, may happen new price reduction of this product in Spain.

The organization assured that if this year’s olive harvest turns out to be goodas expected, “producers will find themselves with full creameries that will have to be accommodated before the new harvest arrives

” All of this could mean a “faster decline” that will start to show up in supermarket butter prices. starting from June.

The organization also recalled that during these months it should also approved reduction of VAT on oil to 0% after it has been processed, which could lead to even greater price declines if the conditions are met.

However, not everything is so rosy for consumers: the VAT reduction on food products will end on June 30, so VAT refund of up to 10% “may prevent prices from falling”– notes the OCU.