Olio portfolio
While experts have long extolled the Mediterranean diet and its many benefits, one key ingredient of the continental cuisine is getting so expensive that even the most delectable dishes may begin to look unappetizing.
Indeed, olive oil prices have been soaring for months and keep hitting new multi-decade highs, as the regions producing the most "liquid gold" continue to battle arid conditions that have seen supplies shrink and sent the cost of the healthy fat up to $9,364 per metric ton, according to the International Monetary Fund.
The rocketing prices, which are now up more than 7x since a slump in December 2020, have been an ongoing issue around the world since a drought last summer, and it could be a little while yet until the oil industry begins to look slick again. The European Commission recently confirmed that production this year in countries like Spain, which is responsible for making almost 50% of the world’s olive oil in typical years, will only recover slightly from last season’s ~40% decline.
