Costco Shoppers Are Reporting Olive Oil Has Shot Up in Price, So We Investigated
If you've recently begun to suspect that Costco's olive oil has shot up in price, don't brush it off as a figment of your imagination. Everyday shoppers and our own editors alike have noticed a recent price surge for the staple grocery item at the warehouse club amid a larger trend of skyrocketing olive oil costs.
Over the past several weeks, several Costco shoppers have taken to Reddit to discuss their sticker shock over the retailer's current olive oil prices. One member, for example, posted a photo last week showing a two-count pack of three-liter Kirkland Signature Refined Olive Oil bottles selling for $50.99 inside a warehouse. The member wondered why the product had gotten so pricey, claiming that it cost roughly half as much back in 2021 (Eat This, Not That! could not independently verify the item's 2021 price).
Similarly, another Costco shopper based in Canada has been tracking the grocer's olive oil prices and recently posted a photo collage showing that prices for two-liter bottles of Kirkland Signature 100% Extra Virgin Italian Olive Oil have risen from CAD 19.99 in August 2022 to CAD 32.99 in March 2024. In American dollars, that's equivalent to a jump from about $14.72 to about $24.29.
These illuminating reports inspired Eat This, Not That! Deputy Editor Chris Shott—a frequent Costco visitor—to go through his purchase history for additional insight on how much olive oil prices have changed. The results were very telling. While a two-liter bottle of Kirkland Signature Organic Extra Virgin Olive Oil was selling for $16.99 in March 2023 at Shott's local Costco in Brooklyn, N.Y., the same product was going for $24.99 during his latest visit this past weekend. That marks an $8 jump in just one year, though prices may vary by location.
This surge in Costco's olive oil prices comes as the grocery item is getting significantly more expensive at retailers industrywide. The trend can be traced back to a string of unfortunate weather-related incidents overseas in recent years.
Back in 2022, severe drought wreaked havoc on the olive crop in Spain, the world's largest olive oil producer, The New York Times reported. Bad weather has also negatively impacted harvest in other major olive-growing countries like Italy, Greece, and Portugal. That has translated into limited olive oil supplies and significantly higher prices for the product in the United States, which imports most of its olive oil, per the Times.
So even if you don't shop at Costco, you may have already encountered supply issues or elevated olive oil prices at your go-to grocer. However, the price hike may be especially shocking to Costco shoppers since the retailer is known for offering bargain prices on bulk goods.
"Glad I bought a bunch before the price [increased]," one Costco shopper commented on one of the Reddit threads.
"OMG…you have got to be kidding," another wrote.
In better news, Costco shoppers may seem some relief on their grocery bills in other areas even as olive oil prices remain high. Outgoing Costco CFO Richard Galanti, who just left his post on March 15, revealed during a recent earnings call that the retailer recently lowered prices on several essential grocery items. The discounted products included batteries, reading glasses, beverages, and frozen fruit.
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