Chilean olive oil prices surge by more than 40% in first five months as climate crisis affects olive production

According to the Chilean website "Chicureo Hoy", in Chile, a 500 ml bottle of olive oil in supermarkets costs between 5,990 pesos and 8,990 pesos, while a liter costs between 11,980 pesos and 17,990 pesos. Analysts point out that the climate crisis has damaged the olive harvest in major olive oil exporting countries such as Spain and Australia, causing the price of Chilean olive oil to soar. In particular, Spain, the world's largest olive oil producer, has suffered drought for three consecutive years, resulting in a significant reduction in production. As a result, the global supply of olive oil has decreased and prices have risen. As for when olive oil prices will fall? Experts say that olive oil production ...