Olive oil price history: 20 years of data
Two decades of daily values of the OLEA-EVOO-ES benchmark — Spanish extra virgin olive oil at origin — compress into one story: long periods of quiet around 2–4 EUR/kg, punctured by supply shocks that can triple the price in eighteen months. Every figure on this page is computed directly from the index database covering 2004 to 2026: the all-time high is 9.098 EUR/kg, reached in 2024, and the cheapest year on record by annual average was 2011 at 1.986 EUR/kg.
Year by year: minimum, maximum and average
| Year | Minimum (€/kg) | Maximum (€/kg) | Average (€/kg) | Days |
|---|---|---|---|---|
| 2004 | 1.964 | 2.671 | 2.440 | 356 |
| 2005 | 2.393 | 4.100 | 3.106 | 365 |
| 2006 | 2.509 | 4.234 | 3.302 | 365 |
| 2007 | 2.343 | 2.716 | 2.519 | 365 |
| 2008 | 2.048 | 2.655 | 2.415 | 366 |
| 2009 | 1.723 | 2.485 | 2.053 | 365 |
| 2010 | 1.977 | 2.196 | 2.068 | 365 |
| 2011 | 1.904 | 2.048 | 1.986 | 365 |
| 2012 | 1.775 | 2.609 | 2.056 | 366 |
| 2013 | 2.082 | 2.987 | 2.675 | 365 |
| 2014 | 2.029 | 3.147 | 2.385 | 365 |
| 2015 | 3.030 | 4.192 | 3.526 | 365 |
| 2016 | 3.014 | 3.521 | 3.219 | 366 |
| 2017 | 3.525 | 4.045 | 3.812 | 365 |
| 2018 | 2.664 | 3.668 | 3.012 | 365 |
| 2019 | 2.153 | 2.840 | 2.399 | 365 |
| 2020 | 2.015 | 2.598 | 2.199 | 366 |
| 2021 | 2.560 | 3.413 | 3.117 | 365 |
| 2022 | 3.269 | 5.397 | 3.834 | 365 |
| 2023 | 5.280 | 8.696 | 6.772 | 365 |
| 2024 | 4.483 | 9.098 | 7.604 | 366 |
| 2025 | 3.597 | 4.549 | 4.107 | 365 |
| 2026 | 3.517 | 4.478 | 4.144 | 245 |
The cycles behind the table
The abundance years (2012–2014). Successive large Spanish harvests and comfortable stocks kept origin prices pinned near the cost of production. For growers those were lean campaigns; for bottlers, the cheapest raw material in a generation. The annual averages in the table for those years mark the structural floor of the modern market.
The drought shock (2022–2023). Two consecutive failed Spanish campaigns — drought at flowering, heat at fruit-set — cut production dramatically just as carry-over stocks ran thin. Bulk EVOO repriced violently, peaking at the record of 9.098 EUR/kg in 2024. The episode rewrote every assumption about how high olive oil can trade and pushed retail prices up across Europe with the usual lag.
Normalisation (2025–2026). Recovered harvests rebuilt stocks and pulled prices back toward historical ranges: the latest complete year in the table (2026) averages 4.144 EUR/kg. The lesson of the full series is asymmetry — prices grind down slowly when supply is ample, but reprice in weeks when it is not.
How to use this series
Annual aggregates are the right lens for structural questions — budgeting a private label, sizing a premium over the benchmark, stress-testing a supply contract against the 2024 scenario. For contract mechanics, see how to index supply contracts; for the forces behind each cycle, how olive oil prices are set. The full daily series — every value behind this table — is available through the Olea Markets API, and the calculation rules are documented in the methodology.
Annual figures are recomputed from the daily index series and cached for one hour; the current year is a partial aggregate until 31 December.
Frequently asked questions
- Where does this historical data come from?
- From the OLEA-EVOO-ES index: every yearly minimum, maximum and average on this page is computed directly from the daily values stored in our database, which are in turn built from official Spanish and European sources.
- Why did prices spike in 2023-2024?
- Two consecutive drought-hit Spanish campaigns halved expected output while stocks were already thin. With Spain supplying almost half the world market, bulk EVOO reached all-time records before the 2024/25 recovery harvest rebuilt supply.
- Is olive oil more volatile than other food commodities?
- Structurally yes. Production is concentrated in one Mediterranean belt, the olive tree alternates naturally between heavy and light years, and demand is fairly rigid — so supply shocks translate almost fully into price.
- Can I access the full daily series?
- Yes. The complete daily history of every Olea Price index is available through the API on paid plans, and the methodology page documents exactly how each value is computed.
Related guides & data
Live figures on this page are injected from the Olea Price database at render time.