Spanish supermarket thieves covet olive oil prices soar

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Olive oil has become the most stolen supermarket item in large swathes of Spain as soaring prices make “liquid gold” a more popular target than olive oil Iberia Ham is on the theft list.

As drought and heatwaves cause shortages and drive prices to record highs, supermarkets say olive oil is now the most stolen product in a region that accounts for 70% of Spain's population.

The culprits are criminal gangs who target the staple food for resale on the black market.

Spain is the world’s largest producer of olive oil – known as liquid gold or liquid gold – a product that occupies a central place in the country’s cuisine and consciousness. Shoppers who just four years ago were used to paying less than 5 euros for a liter of premium extra virgin oil are now dismayed to see prices climb to 14 euros.

Alejandro Alegre, marketing director for security firm STC, which investigates supermarkets, said it was unusual for essential items to be so high on the list of stolen items. “Olive oil is the only oil that can be considered a staple. The others are Iberia Ham, cured cheese, razor blade and alcohol. “

“It's important to note that there is no starvation theft” driving this trend, he said. Instead, olive oil is stolen by organized crime gangs with the intent of reselling it to consumers trying to save money.

Olive oil prices in Spain have more than quadrupled in the past four years as water shortages and sweltering heat led to successive crop failures.

According to the Spanish Ministry of Agriculture, as of the end of February 2020, extra virgin olive oil was sold on the wholesale market for an average of 2.13 euros per kilogram, but now sells for 8.88 euros, with prices rising by nearly 70% in the past year alone. .

Last summer, STC started receiving requests to install anti-theft alarms on olive oil bottles. But José Izquierdo, sales director at supermarket chain Eroski, told Spanish television that thieves were using magnetic devices to break security labels, which are more commonly used on bottles of spirits and wine.

Olive growers and companies that crush olives into oil have also been victims of robberies in recent months, with thieves stealing tens of thousands of liters of product.

Olive oil is the most stolen item from supermarkets in eight of Spain's 17 regions, including the three most populous: Madrid, Catalonia and Andalusia. Nationwide, however, the most stolen product is spirits. STC is unable to collect data on the total value or quantity of stolen goods.

While theft of hard alcoholic drinks is common across Europe, the STC said Spain stands out for its “gourmet” preferences, with cheese, bonito tuna and even cockles also highly valued by criminals.

The manufacturers and retailers trade group AEOC estimates that Spanish companies lose 1.8 billion euros in goods every year due to shoplifting and management errors.

Spain's latest olive harvest season, which started last October, has just ended. Production is expected to be about 800,000 tonnes – “a substantial increase on this time last year,” said Kyle Holland, oilseeds and vegetable oils analyst at commodities data firm Mintec.

“But other countries – Italy, Turkey and Greece – are all experiencing reduced production,” he added. “It's not just a supply issue. Quality has gone down because of the heat.”