The past 3 harvests were downright bad in terms of number of liters (fortunately not in quality). For example, the 2022/2023 harvest was only 50% of a 'normal' harvest and the 2023/2024 harvest is in some cases only 25% of what it should have been.
It was bone dry when it should have rained and when the blossoms were on the trees there were driving rains and storms. The farmers had never seen it this bad.
The demand for olive oil has also increased until last year. The Northern European market is increasingly demanding tasty and healthy olive oil and the war in the Ukraine has also resulted in less sunflower oil and olive oil has become an alternative. In short, more demand and less supply. That's a good recipe for high prices.
The harvest is so bad that new price increases cannot be ruled out. In fact, that is the expectation. It is also possible that some of the (top) makers will run out of oil before we can expect the new harvest of 2024/2025. It is so bad that many of our regular suppliers have their liquid gold guarded day at night because many colleagues have been robbed of their new harvest. In Spanish stores the bulk packages are on the chain. Something you normally only see on leather jackets or jewelry. These are strange times.
The Olive Oil Shop does everything it can to keep prices at a somewhat affordable level. I can assure you that our margins are reasonable and we would rather see prices drop again today rather than tomorrow. This is also the time when industry cowboys and fraudsters see their opportunity. Selling poor quality as Extra Virgin. Sell old harvest as new harvest. That kind of practice already existed, but we will see more of it. Don't fall for it. Keep going for quality and certainty.