Olive oil price skyrockets as Spanish drought bites

Spain is the world's biggest olive oil producer, covering 70% of European Union consumption and 45% of that of the entire world. 

The lack of rain of the olive-producing areas around Spain have been seeing therefore has an enormous impact on both the amount of oil being produced and its price.

In Spain, olive oil prices have increased by more than 70% this year alone after a sharp rise in 2022. A one-litre bottle of extra virgin oil currently costs around €9 .