– Olive Oil Prices Soar As Top Producer Plagued With Drought:
Spain’s severe drought and parched soils have sent olive oil prices to levels not seen in more than a decade. The surge in olive oil prices, along with fresh produce, is exacerbating already high food prices as the Northern Hemisphere summer starts in less than a month.
Data from Bloomberg shows that Spanish extra-virgin olive oil prices have jumped 200% since 2020 to 5,870 euros per metric ton — the highest level since 2010. Most of the price surge was recorded in the last year.
“Output in the country could more than halve this season due to the arid conditions, according to a Spanish farming industry group,” Bloomberg said. Spain accounts for 40% of the world’s supply, indicating prices across Europe and other regions are being pushed higher.
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