The rising cost of olive oil. What is the solution?

OLIVE oil prices are suddenly soaring, as extreme weather conditions in Europe have caused widespread drought. 

These higher prices are apparent worldwide, but seem to be affecting Europe the most, especially since for many of us here, olive oil is not just a simple ingredient, but rather an irreplaceable cultural staple in cuisine. 

Supermarkets in most European countries are currently selling olive oil at record prices, with prices of Spanish olive oil having risen by 115 per cent between September 2022 and September 2023. This is causing chaos for not only the lone consumer, but also for restaurants too. The question on everyone’s lips, why have olive oil prices suddenly risen so sharply?

Difficult weather conditions during the past decade, such as severe droughts and then floods,  have caused the Mediterranean’s olive groves to become unstable and slowly dry up. Following this, and adding to the problem, 2023 saw Spain experience their hottest summer on record.

In Almeria, Spain, seventh-generation farmer Rafael Alonso Barrau, owner of Oro Del Desierto has confirmed the disaster that producers are currently facing. He stated that, “last year we had 15 per cent less than average compared to the last 20 years. We might consider this normal as olive trees produce not the same every year with alternate yearly yields the norm, but this year we had less than 45 per cent yield and this matters a lot.” Adding that “the concern is that our summers are becoming longer and hotter and we believe this affects the viability of the production.”

So, what is the solution? Many chefs have advised that rather than attempt to replace this unique taste, it is preferred to simply use a little less. Tips for this include reducing the temperature when cooking with olive oil, and mixing it with other fats from different meats. Another answer is to focus on purchasing higher-grade cold-pressed oils, as they have a much stronger and more pronounced flavour, making a little go a long way and still adding that unmistakable Mediterranean taste.