Olive oil prices skyrocket

It might be a good idea to stock up on olive oil. According to reports, supplies of the popular substance are dwindling and the price has skyrocketed due to several devastating weather events. Hot and humid weather in Italy attracted olive fruit flies and allowed damaging bacteria to flourish. The yield this year is expected to be only half of normal.

Greece likewise saw hot weather reducing output. And in Spain’s largest olive oil growing region, floods ruined the harvest. All of these events are coupled with an increase in demand for olive oil, especially in the growing Chinese market. Prices were already on the rise and are expected to spike sharply in coming months as stockpiles dwindle. 

Some areas have seen increases of up to 20 percent with more on the way. Brits may feel the most pain, with prices estimated to be up over 30 percent by year’s end. It doesn’t look like olive oil will disappear from store shelves any time soon, but we’ll definitely be paying more for the golden substance.