It's no secret that olive oil prices have skyrocketed. In fact, we see increases of more than 70% in the case of extra virgin, transforming this basic product of the Mediterranean diet into a luxury product. But it seems the trend is changing and it's time to take advantage of it.
Even if we must be careful with offers since, as we have seen on other occasions, many of them are actually not so much. To do this, it is best to always have a price comparison tool on your iPhone and not to rely on the label you see at the supermarket.
Olive oil in free fall
According to the latest data from Facua, the price of extra virgin olive oil at origin has experienced a 13% decrease. However, in supermarkets, the drop is much more modest, amounting to only 2.5%. The reason? This could be because the oil we see on the shelves was purchased weeks or months ago, when prices were still exorbitant.
But it's not all bad news. Companies like Deoleo, behind brands like Carbonell, anticipate that prices could almost half of record levels. In fact, we expect a liter of olive oil to cost around 5 dollars, far from the 9 or 10 dollars we see. It will also depend on whether it is extra virgin or not, one of the factors that makes the product more expensive.
Why is the price of olive oil falling?
The drop in prices is mainly due to better harvest forecasts. It is estimated that production could reach 1.26 million tonnes, or 48% more than the previous campaign. In addition, climatic conditions have been more favorable and countries such as USA, Greece and Tunisia have increased their production. However, experts warn that normalization will be gradual. Deoleo expects market stabilization to begin between November and January, provided weather conditions remain stable.
How to know if it's really a good deal
Second unit at 50%, 2 x 1… Many times, supermarkets base themselves on these promotions to distract attention from the unit price. And we end up paying the same price as the previous days, without any offer, and they also make us take two units.
Other times, of course, the deal is good and it's time to take advantage. To not miss anything and be sure to buy at the best price, I recommend that you always carry a price comparison on your iPhone.
OCU Market
With OCU Market, discover nutritional information and prices for thousands of food products. In a simplified way and on scientific bases, learn to eat healthily and economically.
There are several apps available in the App Store, although I recommend the app from OCU Market. It is very simple to use, includes the main supermarket chains and also includes information on whether the product is healthy, quality, etc. The application is completely free and you will only need to register to use it.
Take advantage of these price drops on essential products like olive oil can make a big difference in the family budget. Additionally, you will be able to see price developments and take notes. Especially since there are forecasts of declines in the coming months to see if they finally come true. Because, finally, it seems that it will not be necessary to stock up in the event of a rise in prices, since we are entering a phase of decline that we have been waiting for for a long time.
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