The price of olive oil is expected to tumble and stabilise following an end to extreme weather and recent strong harvests.

The world’s largest olive oil producer Deoleo said prices are set to halve after harvests this season are expected to be better than last year.

Deoleo chief sales officer Miguel Ángel Guzmán told CNBC: “We are still going through a phase of tension in olive oil prices, especially in the higher quality oils, such as extra virgin.

“However, the outlook is positive for the coming months, as the market is expected to begin to stabilise and normality is expected to be gradually restored as the new harvest progresses and supply increases.”

Guzmán added that wholesale prices were forecast to drop between November and January and continue to fall into 2025, leading to a plummet in price from £7.50 to £8.34 (€9-€10) per litre to £4.17 (€5).

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Deoleo’s predictions align with others in the industry, including CaixaBank Research, which in October said the sector was seeing the “first signs” of improvement.

The news will come as a relief to consumers who have faced record high prices, with figures from the Office for National Statistics showing that olive oil prices in the UK are up 150% since the end of 2021.

It follows years of weather woes for the industry, with producers hit by droughts and poor harvest yields.

Earlier this year, the International Olive Council (IOC) predicted the price of a litre could top £16 in May, a further rise from £14 earlier this year, while some UK premium brands such as Belazu and Odeysa were selling for more than £18 a litre.