- The world's biggest producer of extra virgin olive oil has warned that low harvests could mean major price hikes in the near future
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Olive oil prices in the UK are currently the lowest they have ever been, but this is set to change as this year’s Spanish olive harvest is significantly smaller.
Jeff Bayley, the UK representative for Hojiblanca Group, an Andalucian-based co-operative of more than 50,000 farmers, said, “With the harvest drawing to a close latest returns are showing that the Spanish olive crop is a fraction of previous years. It is forecast for 700,000 tonnes of olives in 2013 against 1.6 million tonnes last year, following a sustained period of draught. There will be a shortage of certain types of olive oil and this will definitely put upward pressure on prices.
“The current prices of olive oil are phenomenally low and would be unsustainable even if supplies were abundant. With a shortage on the way the current situation can’t last.”