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Olive Oil Hits Highest Price in A Decade

Commodity prices for virgin olive oil reached €4,099.52 ($4,615) per tonne last week, up more than 60% from a year earlier, according to Spanish industry group La Fundación para la Promoción y el Desarrollo del Olivar. Global retail prices have risen about 10% in the last 12 months, Euromonitor research shows. 
“The main reason is a key supply issue, which happened simultaneously in the two most important countries – Spain and Italy,” said Vito Martielli, analyst at Rabobank. Crop-damaging droughts last summer shrank the Spanish harvest to 835,000 tonnes, less than half the prior season’s bumper crop of 1.78mn tonnes. In Italy, traditionally the world’s No 2 producer, insect-borne bacteria destroyed swaths of olive groves in the southeast and cut production by more than 50% to 222,000 tonnes. 
Global production for 2014/15 dropped by 29%, figures from the International Olive Council (IOC) show, helping to push olive oil’s commodity price to its highest since February 2006.

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