Spain's Extreme Weather Impacts Olive Oil Supply and Prices
Why is olive oil so expensive? A severe drought in Spain, along with other Mediterranean climate challenges, has crippled global supply, leading to record-high
By Foodie Pundit Newsroom - Published - Updated - Section: Food Prices
Key points
- Record droughts in Spain, the world's largest olive oil producer, have cut harvests by over 50%, causing a global supply shortage.
- Retail prices for extra virgin olive oil have more than doubled in some markets, impacting household budgets and restaurant operations.
- The high prices have increased the risk of food fraud, with lower-quality oils being illegally blended and mislabeled as extra virgin.
- Consumers should expect prices to remain high and should consider using olive oil more strategically while exploring alternatives from other regions.
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Sources and methodology
Reported from the public datasets below.