Olive oil prices are through the roof - can local producers come to the rescue?

A global shortage means imported olive oil is more costly than it’s been since the late 90s. Can local producers compete on price now? Originally published by The Spinoff . The past couple of years have seen olive oil prices spiking higher than a Mariah Carey top note.

Heatwaves and drought in the Mediterranean , particularly in Spain - the country responsible for producing 40% of the world’s olives - caused global olive oil prices to shoot up to levels not seen since the last peak in 1997. A litre of Woolworths home-brand extra-virgin olive oil (EVOO is the good stuff, FYI), made from 100% Spanish olives, now costs $18.70 , compared to around $12 at the start of last year.

It’s enough to have the tight-fisted among us crying hot tears into our stingily dressed salad..