Olive Oil Prices Are Getting Very Expensive—Here’s Why

Olive oil prices are rising faster than many other kitchen staples. Here are some alternative oils to look for.

We all know that food prices keep rising. Markups on grocery store standards such as eggs, milk and butter continue to hit consumers’ wallets. Now comes another kitchen staple to add to the list of skyrocketing costs: olive oil prices will soon be on the rise.

Why Are Olive Oil Prices Rising?

The major olive oil-producing countries, such as Italy, Greece, Spain and Portugal, are all projecting lower production and fewer imports this year. Olive oil production was down 50% in Spain, the world’s leading olive oil producer, according to Fox Weather. That’s a huge drop for the country that makes nearly half the world’s olive oil. Meanwhile, Italy, the world’s second-largest olive oil producer, is expecting a drop of 37% less oil this year, according to Italy’s Institute of Services for the Agricultural and Food Market.

Much of this is due to wide-scale drought conditions, according to Fox Weather. Across Europe, it’s projected that olive oil production will fall by a third this year, with the end result being higher prices.

What Are Some Alternative Oils You Can Use?

If olive oil prices get too high, there are still plenty of alternatives. Some other oils you can consider using are: