Deathwatch: Olive oil
First it was the nuts, now it's the oil.
Yep, due to the scorching Summer, Spain's summer olive crop was hit so bad, that the country's harvest may not even equate to half of 2013's level.
With Spain being the main olive oil producer, this is quite hardcore.
Olive oil bottlers are reporting that they are paying 20-40% more for this year's crop, than they were in May.
Obviously, we're all in this together and that price increase will obviously be reflected on the supermarket shelves.
One litre of Filippo Berio extra virgin olive oil at Waitrose currently costs £6.50 which could be pushed up to £9.10 if wholesalers pass the full cost of the shortage onto consumers.
Italy has also suffered a spike in olive prices following an intensely hot summer and their extra-virgin olive oil price has jumped by 30% since the start of the year, currently at a two-year high.
Filippo Berio managing director Walter Zanre said: "The extent of the increase in the wholesale cost of olive oil means it is almost inevitable that prices to shoppers will have to increase."
"Currently it is very difficult to purchase wholesale bulk olive oil in Spain as producers are withholding stock in anticipation of higher prices later in the year."
It's going to get a bit Mad Max 2 down the farmer's markets that's for certain. We're going to have to start cooking our tea in vegetable oil like monsters.
TOPICS: High Street News