The rain in Spain has fallen rarely in the plain and for cooks today that’s a culinary pain

게시됨 2023년 4월 24일

Tridge 요약

Record high cooking oil prices are due to a severe drought in major producers like Spain and Italy, leading to a 60% increase since last June. The lack of rainfall in 2023 is expected to result in a poor harvest, with Spanish exporters predicting a 10% drop in global olive oil supplies for 2023. The rising cost of olive oil has impacted the prices of other goods that use it. In response, Spanish prime minister Pedro Sánchez reduced the value-added tax on olive oil from 10% to 5%. The overall cooking oil prices are trending down, but food commodity prices are still high due to high fuel, labor, and transport costs, with leaders not expecting a significant decrease in food prices anytime soon.

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원본 콘텐츠

Prices of the cooking oil are already at record levels, thanks to a drought last year in major producers like Spain and Italy, leading to a 60% increase since last June, according to the Financial Times. The lack of rainfall has continued in 2023, which bodes poorly for this year’s harvest. Last month was Spain’s second-driest March this century, and this month is set to be the country’s driest April ever. “If it does not rain very soon, we are going to have a poor crop again,” Kyle Holland, a vegetable oils analyst at commodity tracker Mintec, told the Financial Times. Spanish exporters expect a 10% drop in global olive oil supplies this year, compared to production in 2021, according to Reuters. The increasing price of olive oil has had a knock-on effect on other goods that use it in their recipes. The price of a homemade pizza is up 22.5% year-on-year, driven by increases in the price of olive oil and other pizza ingredients, according to Bloomberg and its “Pizza Margherita ...

출처: Fortune