It’s no secret that grocery shopping is becoming an ever-increasingly expensive task. The cost of living has gone up, and one of the places where it really shows is in the checkout line at the grocery store.
Eggs, especially, have become a very expensive commodity. And now joining that list of highly pricy food items is extra virgin olive oil.
According to a report from Food&Wine, you can expect to see a price tag markup on this item in coming months.
As the report states, the reason for the price hike is due to droughts and heat waves that have hit Europe, affecting olive crops.
As industry experts have noted, these have caused a much lower crop harvest than would be normal. In fact, many leaders in the olive oil industry have pointed to a 37% decrease just in Italy!
The popular brand, Filippo Berio, has shared that they’re expecting to see 20% less product available than would be normal. And while supplies decrease but the demand for olive oil stays the same, the company is expecting to see an increase in price between 30-50%!
Back in 2022, there were record-breaking heat waves spreading across Spain, Italy, and Portugal, and the BBC shared that the mix of heat plus a lack of water could effectively stunt olive growth in the upcoming season. While the heat waves were over the summer, there wasn’t an immediate impact on price. However, that will probably change.
What do you think of the potential price spike in olive oil? Let us know!