Shortages

The Price of Olive Oil Is About to Reach an All-Time High

Shoot.
Shoot. Photo: TS Photography/Getty Images

Bad news: Owing to conditions like scorching-hot weather, bacterial diseases, and fruit-fly infestations, there’s been a 50 percent decline in the production of Spanish and Italian olive oils — which make up 70 percent of the world’s supply. Spanish extra-virgin olive oil, in particular, costs more than it has since 2006, clocking in at $4,272 per metric ton. According to Time, “Olive oil prices around the world have risen an average of around 10 percent in the past year.” But don’t switch to the cheap stuff too fast, as most of it’s filled with fake crap.

[Time]

The Price of Olive Oil Is About to Reach an All-Time High