Surprising price hike: See how Woolworths reacts to rising cost of this everyday item!
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Many Australians have been experiencing sticker shock at the supermarket lately, especially when it comes to a kitchen staple like olive oil.
The once-affordable golden liquid has seen its price soar, with a four-litre tin now costing upwards of $65.
This has understandably caused a stir among households and businesses relying on olive oil for cooking and food preparation.
The price hike has been a hot topic on social media, with shoppers like Bec voicing their concerns about the financial strain.
Bec, who recently moved to a town with only Coles and Woolworths available, expressed her dismay at the situation.
'It was a shock as I would normally buy from ALDI, and it is a struggle to buy it now,' she said.
'I've had to stop using it in many recipes, even at half price.'
With the rising cost of living, many Australians are feeling the pinch, and the doubling of olive oil prices is just another blow to the budget.
'I nearly died when I went to buy olive oil before,' one shopper exclaimed, while another lamented, 'Everything is just so expensive now.'
Both domestic and international olive oil producers have been facing challenging conditions.
Farmers have been hard hit by heatwaves and droughts in Spain and Italy, which are major suppliers of the world's olive oil.
Italian producer Rossella Boeri described the situation as unprecedented: 'I have never seen a dryness like this one.'
‘Luckily, the olive trees are strong, but we are facing a really big lack of production, which is reflected in our olive oil prices, which coincidentally has led to a lower consumption and demand for our olive oil,’
Meanwhile, the growing season in Australia has been unusually short due to cold weather. Robert Armstrong from ALTO Olives shared with SBS the impact of climate change on production:
'Most growers across the country have been badly affected by climate change, particularly this past year.’
‘And that has exhibited itself through intense frost, which, in our case, exhibited itself in late October-early November last year, when the trees were all flowering.’
Amanda Bailey from the Australian Olive Oil Association explained to the Olive Oil Times that the limited seasons have created significant issues for the sector.
She explained, ‘There is virtually no bulk olive oil supply available, leading to a further imbalance between supply and demand. '
‘Consequently, we expect higher prices to persist as producers grapple with the diminished availability of olive oil.’
Globally, olive oil production plummeted from 3.42 million tonnes to 2.57 million tonnes between the 2021-22 and 2022-23 seasons.
Australia set a record by exporting 4,000 tons of olive oil in the 2020-21 season, but that figure halved in the last season.
Woolworths recently shared some optimistic news, indicating that the next harvest from Australian suppliers is expected to be much better.
Additionally, the supply from Europe is also anticipated to improve. 'So that's a yay. And they're expecting supply from Europe to be much better, too. So it's a double yay,' said Woolworths worker Alex.
'But what that means is that you should start to notice the price of olive oil going down. So that's a triple yay for everyone.'
In related news, the cost of olive oil has surged by about 47 to 93 per cent at major supermarkets over the past two years.
An expert has looked into alternative ways to buy olive oil at better prices, such as purchasing in bulk from Costco or shopping online to avoid impulse buys. Read more about this story online.
Have you found suitable substitutes for olive oil, or perhaps you have a secret spot to snag a bargain? Let's help each other and share our findings in the comments below!
The once-affordable golden liquid has seen its price soar, with a four-litre tin now costing upwards of $65.
This has understandably caused a stir among households and businesses relying on olive oil for cooking and food preparation.
The price hike has been a hot topic on social media, with shoppers like Bec voicing their concerns about the financial strain.
Bec, who recently moved to a town with only Coles and Woolworths available, expressed her dismay at the situation.
'It was a shock as I would normally buy from ALDI, and it is a struggle to buy it now,' she said.
Olive oil prices in Australia have surged, putting strain on households and businesses. Credit: @becncrew / TikTok
'I've had to stop using it in many recipes, even at half price.'
With the rising cost of living, many Australians are feeling the pinch, and the doubling of olive oil prices is just another blow to the budget.
'I nearly died when I went to buy olive oil before,' one shopper exclaimed, while another lamented, 'Everything is just so expensive now.'
Both domestic and international olive oil producers have been facing challenging conditions.
Farmers have been hard hit by heatwaves and droughts in Spain and Italy, which are major suppliers of the world's olive oil.
Italian producer Rossella Boeri described the situation as unprecedented: 'I have never seen a dryness like this one.'
‘Luckily, the olive trees are strong, but we are facing a really big lack of production, which is reflected in our olive oil prices, which coincidentally has led to a lower consumption and demand for our olive oil,’
Meanwhile, the growing season in Australia has been unusually short due to cold weather. Robert Armstrong from ALTO Olives shared with SBS the impact of climate change on production:
'Most growers across the country have been badly affected by climate change, particularly this past year.’
‘And that has exhibited itself through intense frost, which, in our case, exhibited itself in late October-early November last year, when the trees were all flowering.’
Amanda Bailey from the Australian Olive Oil Association explained to the Olive Oil Times that the limited seasons have created significant issues for the sector.
She explained, ‘There is virtually no bulk olive oil supply available, leading to a further imbalance between supply and demand. '
‘Consequently, we expect higher prices to persist as producers grapple with the diminished availability of olive oil.’
Globally, olive oil production plummeted from 3.42 million tonnes to 2.57 million tonnes between the 2021-22 and 2022-23 seasons.
Australia set a record by exporting 4,000 tons of olive oil in the 2020-21 season, but that figure halved in the last season.
Woolworths recently shared some optimistic news, indicating that the next harvest from Australian suppliers is expected to be much better.
Additionally, the supply from Europe is also anticipated to improve. 'So that's a yay. And they're expecting supply from Europe to be much better, too. So it's a double yay,' said Woolworths worker Alex.
'But what that means is that you should start to notice the price of olive oil going down. So that's a triple yay for everyone.'
In related news, the cost of olive oil has surged by about 47 to 93 per cent at major supermarkets over the past two years.
An expert has looked into alternative ways to buy olive oil at better prices, such as purchasing in bulk from Costco or shopping online to avoid impulse buys. Read more about this story online.
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