Paying More For Your Olive Oil? Here’s Why
Olive Oil is one of those things you just have to have in your kitchen. Whether you use it for cooking or mixing it with your favorite balsamic, you always make sure to have it stocked up. But recently, have you noticed the price has gone up?
WHAT?! The Price Went Up?
You open your cupboard and notice that your olive oil or extra virgin olive oil is very low. You throw it on your grocery list, then head to the store. You usually expect to pay a certain price for it, but you notice that price you normally pay has doubled.
According to the US Department of Agriculture, the global price for olive oil has in creased about 130% since last year. But why? According to NPR, its because they’ve had a two-year drought in Spain. That combined with record heat has cause the regions production to be cut in half.
Spain is the largest olive oil importer and exporter in the world. There are other places that produce olive oil though. Italy and Greece are the second largest producers of the popular oil. But just like Spain, they’re seeing climate changes and it’s causing they’re production to be cut down.
Will The Prices Go Ever Go Back Down?
If you’re expecting to see a drop in price in the next year, you may be setting yourself up for some disappointment. And the price increase for olive oil will affect you as a consumer in more ways than you know. Not only will your grocery bill go up, expect your dinners out to g up too. And if you’re a coffee person and go to places like Starbucks, expect those prices to go up. Those Oleato drinks will go up.
Alternatives If You Don’t Want To Pay The Price Increases
A lot of people are noticing the prices and looking for alternatives to olive oil. A lot of restaurants are doing it. One popular alternative is Avocado Oil. It provides almost the same health benefits people expect to get from olive oils. People are also turning to almond oil and sesame oil for cooking and roasting.
We have more on this story in today’s edition of a Few Things You Should Know.