Best olive oil ranked as prices skyrocket - and top one costs £5.19 • PressWay • Your Route to Real News

13 June 2024 , 23:01

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Olive oil has skyrocketed in price over the last few years (Image: Getty Images)

Olive oil prices have skyrocketed over the last few years.

This is in partly due to extreme weather events, such as more frequent droughts and wildfires, which have led to poor harvests, depleted reserves and increased costs. This has then been passed onto the consumer who has seen the average 500ml bottle hiked to over £7.50

Which? has recently conducted a blind taste test to help consumers make the most of their money. The consumer group asked a panel of four independent experts to blind-taste and rate seven premium supermarket extra virgin olive oils and five branded options to find out if it’s worth splashing out on pricier olive oils.

By comparing prices for a selection of premium own-brand extra virgin olive oils in 2022 and 2024 from supermarkets including Morrisons, Tesco and Waitrose, Which? found the average price increase to be a staggering 57% - one bottle price was hiked by a massive 88%.

The highest premium own-brand price increase Which? found was on Morrisons The Best Unfiltered Extra Virgin Olive Oil 500ml. In 2022 the oil cost £4.00, but in 2024 this has risen by a massive 88% to £7.50. Morrisons The Best Single Origin Extra Virgin Olive Oil 500ml saw the next steepest price increase of 75% - going from £4.00 to £7.00.

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Sainsbury's Taste the Difference Greek Kalamata Extra Virgin Olive Oil 500ml increased by 68 per cent, from £5.00 to £8.40 and Tesco Finest Sicilian Extra Virgin Olive Oil 500ml climbed by 53%, from £6.50 to £9.95.

In a separate piece of research, Which? researchers looked at price rises on branded olive oil over a three-year period. Napolina Extra Virgin Olive Oil (500ml) was previously priced at £2.50 at Ocado but jumped to £9.50 - more than a threefold increase. At Tesco, the price for the same Napolina product increased from £2.50 in 2021, to £7.95 in 2024 - more than a threefold increase. Filippo Berio Extra Virgin Olive Oil (500ml) at Asda more than doubled in price from £2.50 to £6.50, marking a 160% increase.

According to the blind taste test, Aldi’s Specially Selected Terra Di Bari Castel Del Monte Extra Virgin Olive Oil 500ml took the top spot with the panel describing it as "peppery and pungent" with an intense spice and bitterness. However, Which?'s panel of experts praised the other premium supermarket alternatives for their impressive "flavour and quality". So if you want a good bottle of olive oil, the experts say you don't need to go for the pricier branded products.

Ele Clark, Which? Retail Editor, said: “Olive oil is a staple in many kitchens, but a series of price hikes means buying your favourite bottle may be more of a strain this year. Some supermarket own-brand olive oils have gone up by as much as 88 per cent over the last two years. Despite the rising prices, our tests show that finding a great olive oil at an affordable price is still possible, as long as you choose carefully."