UK supermarkets accused of ‘taking the mickey’ with price of everyday item

Olive oil prices reached record highs in 2024 (Picture: Getty Images)

While the cost of most things has gone up in recent years, you’ve probably noticed one item rising more sharply than others.

Wholesale olive oil prices skyrocketed in 2024, leading to a 42% increase in supermarket prices and bringing the average litre bottle of own-label extra virgin to a record £7.38.

Producers blamed this surge on poor crop yields as a result of drought — but despite harvests having improved since, it hasn’t made much difference at UK tills.

And according to Filippo Berio director Walter Zanre, it’s all because supermarkets are ‘taking the mickey’ out of shoppers.

The industry chief told Sky: ‘We brought prices down twice last year and it’s not all been passed on to the consumer, which is a huge frustration.

‘We can’t dictate retail prices.’

Filippo Berio is a major producer of the kitchen staple (Picture: John Keeble/Getty Images)

Zanre accused retailers of taking advantage of previous issues to ‘expand their margins’ rather than offering better value when it was possible to do so.

‘It’s almost like taking the mickey,’ he continued. ‘And I think what’s causing it is that even 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.’

A 500ml bottle of Filippo Berio’s extra virgin olive oil now costs around £7.50, down from £10.50 at the start of 2025 — but up from £3.75 in 2022.

In the face of the initial upswing, Zanre added he was ‘surprised’ consumption only dropped by 20% as Filippo Berio predicted it would ‘literally fall off the edge of a cliff’.

The British Retail Consortium, which represents a number of UK supermarkets, refuted his claims.

The BRC has refuted Zanre’s claims (Picture: Getty Images)

BRC director of food and sustainability, Andrew Opie, saying: ‘Retailers work hard to pass on cost savings to customers wherever possible and, as confirmed by the CMA, operate on very tight margins, reflecting a market driven by savvy customers.’

‘Olive oil, like many everyday products, is something shoppers can compare across brands and retailers to take advantage of promotions or switch to alternatives that suit their budget.’

This is backed up slightly by Office for National Statistics figures, whichstate the average price is now about 11% lower than this time a year ago.

Still, according to the International Council of Olive Growers, the wholesale Italian olive oil price was down 30% in March compared to last year, which suggests there may be some disconnect between the two.

Do you have a story to share?

Get in touch by emailing [email protected].

Comments Add as preferred source