Olive oil to get more expensive in New Zealand thanks to Mediterranean drought
Olive Oil
New Zealand
Published May 15, 2023
Tridge summary
Olive oil is set to get more expensive after a poor season in the Mediterranean led to the highest global prices in 26 years.
Original content
Emma Glover, executive officer of Olives NZ, said New Zealand only produced about 10% of the olive oil that was consumed in the country each year. Companies that imported olive oil from the Mediterranean would see their costs increase, she said. Heat and drought in the Mediterranean, particularly in Spain, had caused global olive oil prices to reach a 26-year-high. The recent olive harvest from October to February produced 50% less than the usual output, forcing prices up to almost US$6000 (NZ$9677) per metric ton, according to the International Monetary Fund (IMF). This was the highest since 1997 when it was US$6225. Sunflower oil had also risen in price due to the war in Ukraine. The price of Olivani extra-virgin olive oil was $1.28 per 100ml in February 2022 according to a Consumer NZ study. It was now $2 at Countdown. Harvest extra virgin olive oil was $1 per 100ml last year and was now $1.60. Glover said the majority of New Zealand producers grew their own olives or had local ...
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