Olive oil prices are set to climb further this year, amid a drop in global production to the lowest level in more than a decade.
Lower production in Greece, Morocco, and Turkey as part of the natural cycle of olive oil growth is expected to offset an improving situation in Spain and Italy, where trees have suffered from extreme heat and drought in recent years as the climate crisis wreaks havoc on harvests.
Just under 2.3 million tonnes are expected to be produced globally this year, according to the latest data from the International Olive Oil Council, down from the 2.5 million produced in last year's difficult harvest and well below the 3.4 million in 2022.
For the second year in a row, demand is expected to outstrip supply, putting pressure on prices for shoppers.
