Supermarkets ‘taking mickey’ on pricing, says olive oil boss
A leading retail trade body has taken on big olive oil over claims supermarkets are “taking the mickey” over their pricing of the product.
The British Retail Consortium (BRC) has hit back at the boss of olive oil maker Filippo Berio after he accused grocers of failing to pass falling prices onto consumers.
The price of olive oil had surged in recent years due to drought and heatwaves but has since begun to fall, and the BRC rushed to defend retailers against the price-gouging claims.
Walter Zanre, the boss of Filippo Berio, said the cost of olive oil has fallen in recent months but grocers have failed to pass this discount onto consumers, instead taking the extra margin for themselves.
Olive oil prices ‘immensely frustrating’
Zanre told Sky News: “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.
“It’s almost like taking the mickey, 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.”
But the BRC hit back at Zanre’s suggestion, saying retailers are “working hard” to pass savings on to consumers.
Andrew Opie, the trade body’s director of food and sustainability, said: “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.”
Supermarket bosses have warned they are facing intense pressures – due to the costs caused by the Iran war and domestic tax burdens – and have called on the government to help them to avoid raising prices.
Price inflation eases
Olive oil prices have surged in recent years, with a 500ml bottle of Filippo Berio costing around £7.50, down from £10.50 at the start of 2025 but up from £3.75 in 2022.
Prices have begun to fall since the peak of price inflation in 2024, which was caused by droughts and heatwaves in olive-growing areas like Italy, Greece and Spain.
Over the past year, inflation of olive oil prices has fallen from 11.2 per cent to minus 10.4 per cent, marking a more-than 20 per cent swing, according to the Office for National Statistics.
Opie said: “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.”