[CBS] Olive oil prices spiked to fresh records as severe droughts in major producing countries crimp supplies — and drive up thefts in cooking oil.
Global prices for olive oil surged to $8,900 per ton in September, driven by "extremely dry weather" in the Mediterranean, according to a recent report by the United States Department of Agriculture. Already, the average price in August was 130% higher compared to the year before, and showed "no sign of easing," USDA said.
Spain, the world’s largest producer and exporter of olive oil, has been battered by an intense drought for months. The country also just recorded its third hottest summer, with the average summer temperature 1.3°C higher than normal, according to state meteorological agency AEMET. |