As demand for olive oil skyrockets and supply decreases, the cost has spiked. The situation is so severe in Italy that wholesale prices have risen 64 percent as of mid-February 2017 compared to just a year ago, and as a result, Italian consumers are paying 15 to 20 percent more. Wholesale prices are also up 10 percent in Spain, the world’s largest producer. Experts say those living in Great Britain can expect to pay 33 percent more for olive oil by the end of the 2017.
The United States, however, may weather the olive oil crisis better than most because of the strong dollar. Although Americans consume far less olive oil per person than other countries, it’s still the third largest consumer of olive oil, using about 9 percent of the worldwide supply. Most of the olive oil that comes into the United States — around $800 million worth — is imported from Italy and Spain.
article sourceThere could be another worldwide olive oil crisis looming,