Why is extra virgin olive oil so expensive now?

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The price for extra virgin olive oil (EVOO) at the grocery store has skyrocketed in recent months, and experts say are blaming low supply from poor harvests. Sylvain Charlebois, a professor of food distribution at Dalhousie University, told Global News that the price rose 15.2 per cent between January and late March, according to his data. The average cost of a one-litre bottle of EVOO is now $16, compared to $14 in January. “Prices right now are skyrocketing,” Charlebois said. “Some of these changes (in prices) are pretty massive.” He blamed the price increase on low supply due to climate change, which has created huge droughts across Europe over the past three years that have been “devastating” for crops. Global’s Naomi Barghiel has more. For more info, please go to https://globalnews.ca/news/10392203/olive-oil-price-expensive/ Subscribe to Global News Channel HERE: http://bit.ly/20fcXDc Like Global News on Facebook HERE: http://bit.ly/255GMJQ Follow Global News on Twitter HERE: http://bit.ly/1Toz8mt Follow Global News on Instagram HERE: https://bit.ly/2QZaZIB #GlobalNews #OliveOil #Prices

Published 2024-03-31 · Watch on YouTube ↗
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