Liquid gold in short supply

The weather, the culture and the Mediterranean diet, all key attractions to resettling in Spain, but all is not well on the latter element with a historic shortage of olive oil.

Invest in liquid gold, the staple ingredient in most Mediterranean recipes, as it is running in short supply. Just when olive oil prices were seemingly beginning to creep downwards from the now familiar €10 per litre, more woe is predicted from the olive farmers.

Farmers warn that there is little to no stock in their warehouses or medium to large shops for the final stretch of September, indicating an impeding price hike and shortages on the shelves. The forewarning comes after 2 poor harvests and the current drought compounding low productivity this season too. Last year, only olive oil was down 50% on the previous year.

More price increases around the corner

The agricultural union Asaja in the Malaga province say they have no memory of a similar situation in the region. Food suppliers and larger supermarket chains are supposed to have ample stocks, but with increased demand from smaller retailers being in short supply, another price increase could be just around the corner. 

According to representatives from Asaja, national reserves of the golden elixir, technically known as Olea europaea L, national reserves are practically at zero now and only fingers are crossed that it will rain enough for stocks to be replenished in October. It seems, for the time being, that olive oil will be reenforcing its notorious nickname of ‘liquid gold.’