Heat in Europe Is Driving Up Olive Oil Prices

Soaring temperatures in Spain this summer are expected to hit the country’s olive oil production, pushing up prices and threatening to further stoke food inflation.

Nearly half of the world’s olive oil is produced in Spain, with the U.S. one of the country’s largest export markets. Prices of most edible oils are already high after the war in Ukraine led to shortages of sunflower oil, prompting buyers to seek alternatives for use in cooking and as an ingredient in food products.