This Kitchen Staple's Getting Pricier In 2024: Why The Cost Of Olive Oil Is Set To Soar

If you're a regular buyer of olive oils at the market, you might notice that the prices of these oils tend to fluctuate. But what are the factors that contribute to the consistent rise in the cost of olive oil? Is it possible to find an oil with a similar quality to olive oil but at a more affordable price? Here's the information you should be aware of.

Ongoing Rise on Olive Oils

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Are you aware that olive oil prices globally soared to a monthly average exceeding $8,900 (€8,250) per ton in August? According to the International Monetary Fund's crucial commodity price index, this marks a staggering 130 percent increase compared to the previous year.

Economists at the United States Department of Agriculture (USDA) point out that you can trace this increase back to off-year growing cycles and that a substantial part of the Mediterranean region is grappling with severe dry weather. Unfortunately, these factors have led to a notable surge in costs.

Adding to the concern is the anticipation of low harvests this year in Greece, Italy, Spain, and Turkey, which collectively account for four of the world's five major producers. Analysts foresee a continued upward trajectory in prices, extending in 2024.

Olive Oil Alternatives

If you're looking for a first-class cooking oil, using olive oil is undoubtedly one of the best decisions you can make. Apart from its delightful flavor, it's low in saturated fat and can be incorporated into virtually any cuisine. However, with the recent increase in its price, you might want to consider storing other plant-based oils in your pantry. These alternative oils from plants can bring a range of flavors to your dishes and are just as nutritious, if not healthier, than olive oil.