Experts say prices in supermarkets could rise by up 20 per cent in the next few weeks
A major shortage of olive oil has been
predicted, as an industry body warns crops have suffered a devastating
year and there is no reserve.
Drought and disease have combined to cause a 'disaster' for the olive
oil industry and prices are set to soar in Britain's high street
supermarkets, according to a new report yesterday.
A terrible harvest in some Mediterranean countries, a drought in Spain
and the spread of Xylella fastidiosa bacteria in Italy - which infected
more than one million trees - has hit the industry significantly.
• 'The cost of olive oil is increasing – will stocking up now save me money?'
• Is there really a prosecco shortage?
The latest Mediterranean olive harvest will end this month and suppliers warn there is unlikely to be any let up from a worldwide shortage of olives and rising prices.
• 'The cost of olive oil is increasing – will stocking up now save me money?'
• Is there really a prosecco shortage?
The latest Mediterranean olive harvest will end this month and suppliers warn there is unlikely to be any let up from a worldwide shortage of olives and rising prices.
The 2014/15 season was so poor in Spain and Italy - the world's biggest
producers of olive oil - that there was no annual carryover of supply,
leaving bottlers with very low available stocks and facing substantial
price rises, trade magazine The Grocer reports.
The wholesale price of Italian extra virgin olive oil has risen by 14 per cent, while the same product from Spain is up 20 per cent.
Olive groves Photo: PAUL GROVER
It is forecast that the wholesale price increases will filter down to shop shelves.
Lisa Mullins, marketing manager of Filippo Berio UK, said: "Typically, olives are a cyclical plant - they have a good year, a bad year and a good year.
“While a weak harvest is usually not a cause for concern, 2014/15 was a disaster."
Olive trees in Puglia, Italy Photo: Alamy
The International Olive Oil Council forecasts final global production figures for the 2015/16 harvest will be below the average consumption level of the past four years, making price increases inevitable.
Olive trees in Tuscany, Italy Photo: Rex
The wholesale price of Italian extra virgin olive oil has risen by 14 per cent, while the same product from Spain is up 20 per cent.
Olive groves Photo: PAUL GROVER It is forecast that the wholesale price increases will filter down to shop shelves.
Lisa Mullins, marketing manager of Filippo Berio UK, said: "Typically, olives are a cyclical plant - they have a good year, a bad year and a good year.
“While a weak harvest is usually not a cause for concern, 2014/15 was a disaster."
Olive trees in Puglia, Italy Photo: AlamyThe International Olive Oil Council forecasts final global production figures for the 2015/16 harvest will be below the average consumption level of the past four years, making price increases inevitable.
Olive trees in Tuscany, Italy Photo: Rex
The International Olive Oil Council forecasts final global production
figures for the 2015/16 harvest will be below the average consumption
level of the past four years, making price increases inevitable.
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