Introduction
Olive oil is a staple in many kitchens around the world, and it looks like its price is about to skyrocket. With the increasing demand for olive oil, the cost of production is rising, and the price of olive oil is expected to follow suit. This article will discuss the reasons behind the expected price increase and what it means for consumers.
Olive Oil Is About to Skyrocket in Price
Olive oil prices are on the rise, and experts are predicting that they will continue to increase in the coming months. The price of olive oil has been steadily increasing since the beginning of the year, and it is expected to continue to do so. This is due to a number of factors, including a decrease in production, an increase in demand, and a decrease in the availability of olive oil from other countries.
The decrease in production is due to a number of factors, including a decrease in the number of olive trees in the Mediterranean region, as well as a decrease in the amount of land available for olive cultivation. This has led to a decrease in the amount of olive oil that is produced, which has caused prices to rise. Additionally, the demand for olive oil has increased due to its health benefits, as well as its use in cooking and baking.
The decrease in the availability of olive oil from other countries has also contributed to the rise in prices. This is due to the fact that many countries have imposed tariffs and other restrictions on the import of olive oil, which has caused the price of olive oil to increase. Additionally, the cost of transportation has also increased, which has caused the price of olive oil to rise.
Overall, experts are predicting that the price of olive oil will continue to increase in the coming months. This is due to a number of factors, including a decrease in production, an increase in demand, and a decrease in the availability of olive oil from other countries. As a result, it is important to stock up on olive oil now, before prices continue to rise.
At a time when U.S. consumers are still grappling with “eggflation” and higher food costs in general, the last thing you want to hear about is yet another looming price spike on a popular grocery item.
Unfortunately, that’s just what’s currently happening with an important kitchen staple you probably shouldn’t cut back on: olive oil.
The nutritional powerhouse and most fundamental element of the popular Mediterranean diet is facing a major shortfall in production, due to a record-breaking heatwave in 2022 that severely impacted Europe’s predominant olive-growing regions, according to Food & Wine.
The world’s two top-producing countries, Spain and Italy, both expect to produce significantly less oil this season. Italy projects a drop of 37% while Spain could be down as much as 30 to 50%, according to a report by Italy’s Institute of Services for the Agricultural and Food Market.
As a result, Dusan Kaljevic, CEO of popular olive oil brand Filippo Berio, told Food & Wine that shoppers can expect to see prices surge as much as 30 to 50%.
Olive Oil Times reports that prices at the source have increased in several European counties over the past year, with Spain up 60%, Italy up 51%, and Greece up 42%.
Mental Floss notes that the shortage comes at an “interesting time,” as retail giant Starbucks will soon roll out its new Oleato line of olive oil-infused coffees, which could “in theory, drive demand for olive oil further.”
Producers have warned of rising prices ever since the European heatwave began to wreak havoc on crops last summer.
Some U.S. shoppers have already noticed big changes in the checkout line. One Costco shopper on Reddit this week reported paying $14.49 for two bottles of Italian-produced extra virgin olive oil last May, while a single bottle of same variety this month cost $17.99: “250% inflation!”
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Chris Shott