Olive oil is a beloved cooking staple, and it just doubled in price
There's nothing else quite like it – and now, there won't be enough of it.
Bad news for chefs everywhere – the prices of olive oil are going through the roof. Thanks to severe droughts and intense heat in the Mediterranean, 2023 has been a very bad year to be an olive.
The price of olive oil has continued to climb compared to last year, according to the U.S. Department of Agriculture’s (USDA) recent report. Last month, the price of the precious ingredient clocked in at 130% more expensive than the previous year. And the USDA’s report says that it shows “no sign of easing.”
Related: Target makes major changes to save you money
Spain, Italy, and Greece have all experienced the dry conditions taking a toll on olives. But olive oil production in the region’s largest exporter, Spain, has dropped more than 50% this growing season.
More in retail:
- Iconic Disneyland ride closes down unexpectedly
- H&M is making a major change that customers won’t like
- Amazon just announced October Prime Big Deal Days – here are the top deals to look for
The shortage is made worse still by Turkey’s choice to suspend large olive oil exports until the start of November. At that time, some experts say, olive oil supplies from the current growing season could already be gone.
The rise in the cost of olive oil has also reportedly made the substance a hot commodity. One Spanish oil mill, Marin Serrano El Lagar, reported $450,000 worth of olive oil stolen. Not long before that, a similar heist was reported when thieves made off with 6,000 liters of olive oil from the Terraverne oil mill.
Receive full access to real-time market analysis along with stock, commodities, and options trading recommendations. Sign up for Real Money Pro now.
What's Your Reaction?
