Olive Oil Prices Could Skyrocket This Year
Don't douse that salad with too much olive oil, and for the love of god don't drench your bread in olive oil. That beloved oil is about to be some pretty expensive stuff.
According to The Independent, olive oil prices could go up by as much as 20% within months due to environmental factors that ruined production in two countries that are olive oil powerhouses: Spain and Italy.
A drought in Spain, due to what The Independent says was the hottest year on record, led to a terrible olive harvest in the country, This meant that Spain had to utilize "reserve supplies." Because of this, Spanish olive oil prices could go up by as much as 20% this year. Commenting on the harvest, Lisa Mullins from Filippo Berio UK stated, "While a weak harvest is usually not a cause for concern, 2014-15 was a disaster.”
In addition, Italy faced an outbreak of Xylella fastidiosa bacteria, which causes “olive quick decline syndrome,” that spread to over a million trees. The outbreak, which hit the regions of Lecce and Apulia, could result in the price of Italian olive oil going up by as much as 14%
Maybe start hoarding olive oil?
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