U.S. customers are still dealing with "eggflation" and increasing food prices, so another price hike on a popular supermarket item is the last thing they need.
Unfortunately, olive oil, a culinary staple you shouldn't cut back on, is doing that.
According to Food & Wine, a record-breaking heatwave in 2022 devastated Europe's main olive-growing regions,
causing a catastrophic output shortage of the Mediterranean diet's nutritional powerhouse.
Spain and Italy, the world's top oil producers, anticipate to produce less this season. According to Italy's Institute
of Services for the Agricultural and Food Market, Spain might decrease 30–50% and Italy 37%.
Olive Oil Times reported that source prices in Spain, Italy, and Greece have grown 60%, 51%, and 42%, respectively, over the past year.
Mental Floss reports that the shortfall comes at a "interesting time," since Starbucks will soon launch its Oleato brand of olive oil-infused coffees
Producers have warned of rising prices since the European heatwave devastated harvests last summer.
Some U.S. shoppers have observed major checkout queue adjustments. This week, a Costco consumer on Reddit reported spending $14.49 for two bottles