Chart of the week: A sharp rise in the price of olive oil

Consumer prices for olive oil have climbed by an average of 10% worldwide this year due to drought and disease in southern Europe.

754-olive-oil-634

Salad dressings are getting ever more expensive. Consumer prices for olive oil have climbed by an average of 10% worldwide this year due to drought and disease in southern Europe. In Spain and Italy, which jointly account for 70% of the world's olive oil, production has fallen by around 50% owing to unusually hot weather and a bacterial disease known as "olive ebola". In two southern Italian provinces where the disease is rampant, officials have declared a "state of calamity". The bug has now reached olive groves in Corsica.

Meanwhile, demand remains buoyant, with retailers and distributors keen to buy 12% more olive oil than exporters were able to deliver last month, says Sarah Butler in The Guardian. Stockpiles in Spain are now at "critically low levels", according to industry researcher Oil World. Prices have jumped to near-record highs, with the main benchmark, Spanish oil, at over $4,200 a tonne, a level not seen since 2006.

Recommended

How to invest in lab-grown meat – the future of food production
Soft commodities

How to invest in lab-grown meat – the future of food production

With lab-grown meat, steak is back on the menu for greens and animal lovers – but at what cost? Stuart Watkins reports
5 Nov 2021
How high energy prices are driving up food prices too
Soft commodities

How high energy prices are driving up food prices too

High energy prices aren’t just affecting our heating bills, they’re making food more expensive, too. Saloni Sardana explains what’s going on.
21 Sep 2021
The charts that matter: markets cheer Powell’s inaction
Global Economy

The charts that matter: markets cheer Powell’s inaction

Markets were holding their breath for most of the week ahead of the Fed's Jackson Hole Symposium but in the end they cheered Chair Jay Powell's inacti…
27 Aug 2021
Soaring food prices fuel unrest
Global Economy

Soaring food prices fuel unrest

Poor harvests and logistical problems have seen food prices soar, fuelling protests from Haiti to South Africa.
6 Aug 2021

Most Popular

Three safe bets on the growing online gambling sector
Share tips

Three safe bets on the growing online gambling sector

Professional investor Aaron Fischer, creator of the Fischer Sports Betting and iGaming ETF, picks three of his favourite online gambling stocks.
29 Nov 2021
Making sense of the new minimum pension age rules
Pensions

Making sense of the new minimum pension age rules

The rules surrounding the minimum age at which you can start tapping into your retirement savings have been tweaked, but are still confusing. David Pr…
23 Nov 2021
Bubbles grow in global property markets as house prices continue to rise
Property

Bubbles grow in global property markets as house prices continue to rise

House prices grew by 6% in the year to mid-2021 in 25 global cities, with the German property market in particular showing signs of overheating.
3 Dec 2021