Global olive oil prices have dropped over 40 percent from their peak two years ago, but Estonian retail prices remain high due to varied producer costs and older inventory.
Retail chains note that price declines depend on the brand and country of origin, with Greek and Italian producer prices remaining fairly stable while others make aggressive cuts.
Global olive oil prices peaked in early 2024 when a metric ton cost more than $10,000 USD. Prices then fell steadily, reaching just over $5,000 per metric ton by last May. Since then, olive oil has gradually become more expensive again, but prices remain far below the peak from two years ago — in February and March, a metric ton cost just over $6,000.
Prices in Estonian stores have also moved downward, though not to the same extent as the global market.
Selver, one of Estonia’s largest supermarket chains, said prices have fallen mainly for products sourced from Spain due to a strong harvest last year.
Selver Communications Manager Mariann Järvela said that olive oil prices at the chain have dropped during promotional campaigns by an average of 30–35 percent depending on the producer.
“Spanish producers have lowered their regular prices by about 15 percent on average,” Järvela added. “The same cannot be said for Greek and Italian producers, whose product prices have remained essentially unchanged.”
Oliver Rist, purchasing director at major nationwide cooperative grocery chain Coop Estonia, noted that regular prices of their most popular products were reduced by approximately 15 percent last year.
According to Rist, retail pricing depends on several factors. Inventories purchased earlier at higher prices slow the transfer of price declines to store shelves, while logistics, energy costs and broader developments in the global economy also play a role.
“Retailers try to maintain a balance between purchase and selling prices and, whenever possible, reflect a drop in input costs in consumer prices on store shelves at the earliest opportunity,” Rist added.
Prisma, another large supermarket chain operating in Estonia, confirmed that olive oil prices have also fallen there, most recently earlier this month.
“However, not all producers have reduced their prices, and price changes vary by brand,” said Prisma Communications Manager Kertu Kärgi.
“Some brands have responded more aggressively — for example, Borges extra virgin olive oil (half liter bottle) cost €11.29 at the beginning of the year, but now costs €6.98,” Kärgi noted.
—
