Olive oil prices spiked to fresh records as droughts in major producing continue to crimp supplies — driving desperate people to resort to stealing it.
According to Mintec's benchmark, prices of olive oil in Spain's Andalusia soared to €8.45 per kilogram in September. It marks the"highest price ever recorded for Spanish olive oil" based on Mintec data spanning over 20 to 30 years, and represents a a year-on-year jump of 111%.About 50,000 liters of extra virgin olive oil in one of Spain's oil mills, Marin Serrano El Lagar, were stolen in the early hours of Aug.
. That's more than €420,000, or about $450,000, worth of olive oil that the family business lost. There have been no arrests so far.Shortly before that, thieves made off with 6,000 liters of extra virgin olive oil worth 50,000 euros , Spanish newspaper El Munco said. The company's computers, tables, fans and chairs were also reportedly looted during the heist.And there's no respite in sight.
Mintec's Holland cautioned that if stocks of olive oil continue to be depleted by the drought, supplies could be exhausted before October, where the fresh harvests usually arrive. "Further complicating matters is Turkey's decision to suspend bulk olive oil exports," said the analyst."The suspension has worsened the already limited volumes in Spain."until Nov. 1, a move resulting from the global surge in prices.
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