According to the same media outlet, in 2025, consumer spending in the European Union will decrease by 23%, marking the first drop after four years of consecutive increases.
In Portugal, the drop was more significant, ranking as the third-largest price reduction in Europe, with a 24% decline, behind Greece and Spain.
Harvest recovery
The provisional data cited in the Executive Digest indicate that production should increase by approximately 2.11 million tons in the 2024/25 season, bringing it closer to normal levels.
Rafael Pico Acevedo, director of the Spanish Association of Olive Oil Exporters (ASOLIVA), quoted by Executive Digest, explained that “the combination of consecutive bad harvests, supply shortages and energy costs has raised consumer prices to historically high levels,” but stressed that “the significant improvement in production in the 2024/25 crop year helped to normalise supply and alleviate these pressures, resulting in sharp price drops.”
Who leads the declines?
Of the 35 countries analysed, Spain recorded the largest drop in olive oil prices, down 38.9%. Next comes Greece, with a 29.2% price reduction, followed by Portugal (-24%).
Spain, Greece and Portugal were the only countries that exceeded the European Union average in the drop in olive oil prices.