Olive Oil Prices Are About to Spike 20 Percent, Warn Experts
Time to buy domestic.
Olive oil lovers, it’s time to start buying in bulk. According to The Independent, Mediterranean olive oil prices could rise 20 percent over the next few months due to poor harvests.
In Italy, an outbreak of Xylella fastidiosa, a bacteria that causes something called “olive quick decline syndrome,” has infected over a million olive trees. And Spain, which typically produces more that twice as much extra virgin olive oil as Italy, suffered from drought-like conditions this year, so its 300-million-plus olive trees bore little fruit.
Olive farmers don't typically worry about lackluster harvests. “Olives are a cyclical plant,” Lisa Mullins of the olive oil company Filippo Berio UK told The Independent. “They have a good year, a bad year and a good year.” But this is much more than just a little dip in yield. “2014-15 was a disaster,” she said. Looks like it’s time to start buying domestic.