In 2024, Miguel Guzmán, the chief sales officer of Deoleo (a huge olive oil producer which owns brands like Bertolli), said prices were expected to drop by as much as half in early 2025.
That’s because growing conditions had improved in Spain. “The market is expected to begin to stabilise, and normality is expected to be gradually restored as the new harvest progresses and supply increases,” he said at the time.
But over a year on, Filippo Berio director Walter Zanre has said that supermarkets are “taking the mickey” with the prices they expect customers to pay for the product, despite lower wholesale costs.
“We brought prices down twice last year and it’s not all been passed on to the consumer, which is a huge frustration,” he told Sky News.
He added, “The supermarket was surprised at how resilient the shopper was at high prices, so the view is they don’t need to give it all away for nothing”.
In other words, he suggested high prices made them realise just how much more UK shoppers would spend on the product, and they aren’t willing to give that u...
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