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Chart of the day: Olive oil prices are soaring

The price of extra virgin olive oil has hit a seven-year-high following a bad harvest in southern Europe.

724-olive-oil-chart

As if economic stagnation weren't bad enough, southern Europeans now face an olive oil shortage. A hot, late spring in Spain, the world's top olive producer, has hit harvests, while pests and bad weather have cut Italian output by 40%-50%, says The Observer's Tracy McVeigh.

As a result, the price of extra virgin olive oil is at seven-year highs, according to an index compiled by the IMF.

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