Reported 9 months ago
The olive oil industry, considered a vital ingredient in Mediterranean cuisine, is facing a perfect storm due to a significant decrease in production caused by climate change. The soaring prices of olive oil, often referred to as 'liquid gold,' have reached historic highs, making it a target for thieves and adding to the challenges already faced by industry players. Climate change, high olive oil prices, interest rates, and inflation have created a difficult situation throughout the olive oil supply chain, presenting one of the most challenging times in the industry's history. Extreme weather conditions have had a significant impact on olive oil production in southern Europe, particularly in countries like Spain, Italy, and Greece, resulting in a sharp decline in yields.
Source: YAHOO