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[Local Price Drops Only 9.1% to £16.47 Per Liter, Low Prices Unlikely to Return to Low Levels] ⑴ Despite a 49.3% drop in the weighted average price of extra virgin olive oil in Europe to €4.59 per kilogram between January and November 2025, the average price per liter in several UK supermarkets only decreased by 9.1% to £16.47 between January 2025 and January 2026. ⑵ Retail prices subsequently fell slightly by 0.7%, but the UK general manager of Filippo Berio stated that the supermarket price reductions were far from reflecting the decline in wholesale prices, and some retailers were barely passing on the price cuts to downstream customers, profiting from the situation. ⑶ Brands themselves have implemented price reductions to stimulate consumption, but the Iran war has led to soaring shipping costs, while extreme weather continues to pose significant risks to olive cultivation, causing growers to be highly concerned about the future. (4) Producers are increasing investment in efficient irrigation and advanced agricultural technologies to enhance resilience and yields, while buyers are sourcing from multiple regions, reducing reliance on single climate-affected areas. Production is increasing in Tunisia and Morocco. (5) Despite concerns raised by rainfall in Spain in January and February, the outlook for the upcoming olive harvest season is not negative. Current conditions are favorable, but attention should be paid to the flowering period. (6) According to data from Numerator's Worldpanel, household penetration of the product category has rebounded from approximately 47% in March 2025 to nearly 50% in December 2025, as consumers return as deflation subsides. (7) However, the average price of £16.74 per liter indicates that even though consumers have gradually accepted the current high prices, whether further price increases will be accepted by the market remains uncertain.