Supermarkets 'taking the mickey' as drop in olive oil prices 'not passed on to shoppers', says Filippo Berio boss
Filippo Berio director Walter Zanre says stores have been slow to bring down prices for customers despite costs dipping.
Supermarkets are “taking the mickey” out of shoppers over their pricing of olive oil, the boss of a major olive oil brand has said.
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Filippo Berio director Walter Zanre says stores have been slow to bring down prices for customers despite the costs of the product falling in recent months.
Costs had until recently been surging due to bad weather conditions and poor harvests. But Filippo Berio's extra virgin olive oil 500ml bottle now costs around £7.50, down from £10.50 at the start of 2025. That’s still up from £3.75 in 2022.
Mr Zanre said: "We brought prices down twice last year and it's not all been passed on to the consumer, which is a huge frustration.
Mr Zanre said: "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... For me, it's immensely frustrating that they've taken the opportunity to expand their margins - whereas in reality, we should be offering better value.”
Read more: ‘I flew to Spain and bought olive oil for under £7.38 - that's how much a bottle costs in Britain'
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He added that it’s almost “like taking the mickey”, telling the Sky News Money blog: “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."
Mr Zanre continued: “What really surprised me was how resilient the UK consumer had been in the face of this. Consumption probably declined about 20 per cent in the UK, but I was expecting it to literally fall off the edge of a cliff.”
But the British Retail Consortium (BRC) has rejected Mr Zanre’s claims.
Andrew Opie, director of food and sustainability at the BRC, hit back: "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."
It comes as sales of consumer goods other than food were “tepid” in March amid heightened caution among shoppers due to the Middle East conflict, figures show.
Non-food sales increased by 0.9 per cent year on year last month, below the 12-month average of 1.1 per cent, according to the British Retail Consortium (BRC) and KPMG.
BRC chief executive Helen Dickinson said: “An early Easter provided a much-needed boost to food sales as families came together over the long weekend.
“Retailers hope that the Middle East ceasefire will bring lasting stability, but the outlook remains uncertain.
“Damage to supply chains has already been done, and rising costs – from shipping and fertiliser to insurance and commodities – are piling yet more pressure on to already stretched retailers.
“Government must act decisively and boldly now to curb inflation by delaying domestic policies that would push prices even higher for shoppers.”