You're not wrong—olive oil is more expensive right now. The issue isn't simply inflation.
Why Is Olive Oil So Expensive Right Now?
Published on Dec. 12, 2024
It’s no secret that the cost of food is higher today than it was a few short years ago. Increases across the board have made it difficult for U.S. households to grocery shop on a budget. Even worse, the cost of certain food items—like olive oil—has climbed much faster (and at a higher rate) than others.
The price of olive oil nearly doubled between October 2023 and October 2024, according to the Federal Reserve.
Why did olive oil get so expensive?
Though inflation does play a role in rising olive oil prices, it’s not the primary issue at the moment. Instead, extreme weather and drought conditions—especially throughout southern Europe—have had a significant impact on olive harvests.
These weather-related challenges have resulted in an olive oil shortage. Just like the recent egg shortage in the U.S., food insecurity worries have caused olive oil panic buying in parts of Europe. CNBC reports that there was even a crime surge last year at supermarkets in Spain, where olive oil is a major staple.
Is there a way to buy cheap good olive oil?
Locating affordable real extra virgin olive oil without sacrificing flavor can be a challenge. You may be able to find a better deal on olive oil (per ounce) if you buy in bulk at warehouse stores like Costco or Sam’s Club.
Keep in mind that your grocery store sells two types of products: real olive oil and oil blends. The best olive oils (aka quality extra virgin olive oil) typically cost much more than olive oil blends. For example, Partanna Extra Virgin Olive Oil costs $27.99 for a 34-ounce tin ($0.82 per ounce) at the time of writing. By comparison, an Iberia Premium Blend, Sunflower Oil and Extra Virgin Olive Oil costs $8.99 for a 68-ounce bottle ($0.13 per ounce).
Remember to choose the highest quality olive oil for dips or salad dressings. Use a blend or a lower-quality oil to saute vegetables or in marinade recipes if you’re looking for a way to save money.
No matter which olive oil you choose, store the oil properly so it lasts. Otherwise, you could find yourself needing to throw out the remainder of an expensive bottle (or can) of olive oil because it’s rancid. Then, your olive oil purchase could be even more expensive due to the need for a premature replacement.
