European Olive Oil Price Increase as Drought and Heat Waves Affect Spanish Yields

2022 has been a bad year for Spanish olives due to the drought and accompanying heat waves. The resultant lower yield is heavily impacting on prices of extra virgin olive oil in EU markets due to lower supply levels. In February 2022, the price of extra virgin olive oil was USD 3.80/kg. However, in W39 the Milan Stock Exchange indicated a price of USD 4.40/kg which is a 15.8% increase.