The Rising Cost of Olive Oil: What's Behind the Price Surge?
Global olive oil prices have more than doubled over the past year due to extreme weather conditions affecting olive crops in Spain, Italy, and other major producers. The upcoming European harvest is expected to recover only slightly from last season's 40 percent decline, further limiting supplies and pushing up prices. As a result, consumers can expect to face higher prices for olive oil, with some retailers planning to raise prices by 10 to 15 percent. The rising costs have prompted concerns about the sustainability of relying on one region for olive oil production and have attracted criminal gangs targeting farms and factories.