Olive oil shortfall warning as price rises 30 per cent

THERE will be an estimated shortfall of 783,000 tonnes of olive oil this year, which could possibly lead to rationing in the UK in 2016.
According to the International Olive Oil Council, there will be a shortfall of 783,000 tonnes this year when measured against the average global production of the past five years. And if this were compounded by a bad crop next year, there would be no reserves to fall back on.
Walter Zanre, managing director of Filippo Berio – one of the leading brands of olive oil – told The Grocer: “Poor crops in Italy and Spain combined with the virtual absence of carryover stock in the Mediterranean make this the most difficult year I have ever seen.”
Prices of extra virgin Italian and Spanish oil have been rising throughout the year, but new data from commodity analysts Mintec revealed a 30 per cent month-on-month leap in recent weeks.