World faces olive oil shortage

Olive oil prices are rising sharply after a prolonged drought in Spain’s Andalucia – the world’s biggest producing region – while a deadly bacteria has hit the crop in Puglia, Italy’s main olive-growing area
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Olive oil (extra virgin, price per tonne, €)

0 1,000 2,000 3,000 4,000 5,000

2010 2011 2012 2013 2014 2015

2010-12: Large crops in EU keep price stable

Sep 2011: €2,347.57

Sep 2012: €2,897.26 Severe drought in Spain cuts production, price rises 30%

Feb 2013: €3,058.62

Mar 2014: €2,598.91 Record harvest drives down prices

2014-15: Worst crop for 8 years

Jul 2015: €4,479.84

42%  Lost EU production during 2014/15 harvest season
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Sources: Olive Oil Council, Index Mundi

Picture: Newscom

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