Olive oil prices have fallen by a third from their 2024 peak, ending a three-year spiral that turned the Mediterranean staple into a luxury good and a target for supermarket theft.
The reversal rests on two consecutive strong harvests in Spain, which produces roughly half the world's supply, after drought-adapted replanting and expanded irrigation came online. Andalusian mills report their tanks full for the first time since 2022.
Demand also did its part: consumption in southern Europe fell almost 20 percent during the price surge as households switched to seed oils, and it has been slow to return — leaving a surplus that producers say will keep prices soft through next season.