One of the figures most feared by consumers has just fallen. This Friday, November 15, INSEE announced that the consumer price index harmonized according to European standards in France had increased by 1.6% year-on-year in October. Note that this figure is higher than the institute's first forecast, which gave inflation at +1.5% last month.
This inflation rate remains relatively moderate, especially in comparison with periods when it reached particularly high levels. However, although the overall impact appears to be under control, it could affect consumers' purchasing power, without affecting their favorite vegetable oil.
Olive oil consumption in France
The French love olive oil. They consume almost 110,000 tonnes each yearor the equivalent of two liters per household. Here, extra virgin olive oil is the most popular. This label designates an oil resulting from the first cold pressing of olives. After harvest, the olives are mechanically pressed at room temperature, without undergoing chemical treatment or refining. The oil thus obtained is of excellent quality, because it retains all its nutritional qualities.
Good news for fans of the best oil for health: after experiencing a meteoric outbreakprices should finally fall in 2025. The reason is an excellent harvest in Spain, a country where most of the olive oil we consume in France is produced.
The price of olive oil will drop sharply in 2025
The French paid a high price for this flagship product of Mediterranean cuisine. Over the last three years, the average price of a liter of olive oil has increased considerably, from 7 euros to 11.70 euroswhich represents an increase of 60%. A succession of droughts in Spain, leading to poor harvests, led to a price increase of 7% over three years, according to figures from INSEE.
In the coming months, preparing a homemade pesto sauce should therefore come back cheaper. According to the International Olive Council (IOC), global olive oil production is expected to increase by 30% this year to 3.35 million tonnes. Spain, the main producer, is on track to reach a harvest of 1.5 million tonnes, an increase of 60% from the previous year. This significant increase should naturally lead to lower prices, providing substantial savings to consumers.
A liter of extra-virgin olive oil has already risen to 9 euros
Spanish farmers are counting on a harvest twice as large this year compared to last year, which would consequently lower prices. On the shelves of Spanish supermarkets, the liter of extra-virgin olive oil is
already gone to 9 eurosor one euro less than a few months ago.
photo credit: Shutterstock A trend that seems set to last
Elsewhere in the world, prices per kilo are also falling, a trend that seems set to last. In the most optimistic scenarios, this could result in savings of up to up to 3 euros per liter
for consumers.
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