The price of the average bottle of olive oil has increased by 11.9% after last year’s heatwave destroyed crops (Picture: Shutterstock / JoannaTkaczuk)
A bottle of olive oil could soon set you back £11, with fears the UK could soon run out of supplies thanks to a devastating heat wave.
Between December 2021 and last month, the price of the average bottle of olive oil increased by 11.9%, with the cost of Britain’s bestselling stock almost doubling in price to £11 as supplies run low.
Temperatures in southern Europe soared to more than 40°C last year, causing havoc in the Spanish province of Andalucía, which is known for producing more olive oil annually than the whole of Italy.
According to the grocery price index, the average price of olive oil products in the UK jumped from £6.62 in December 2021 to £7.41 in December 2022.
However you could end up forking out £11.05 for a litre of Filippo Berio’s Classico olive oil – which is the UK’s biggest olive oil brand – as Ocado almost doubles its price from £6 in 2019.
Iceland also raised prices by 37%, or £1.70, while the Co-op increased the cost by £0.95.
Morrisons saw a 19.8% rise of £0.90, with Waitrose supermarkets increasing by £0.55 or 6.2%.
The UK’s biggest olive oil brand has said this year’s supply is a ‘disaster’
Last summer’s heat wave ruined olive trees, meaning company’s are short ‘two months worth of supply’ (Picture: Carlos Gil/Getty Images)
Managing director of Filippo Berio UK Walter Zanre told The Times: ‘Olive oil is a disaster this year. We are effectively short two months’ worth of global supply.
‘We have had to increase prices [charged to supermarkets] by 30% and prices are likely to rise further.’
The company estimates around 60% of oil used in the UK is produced by Spain, with this quantity set to halve to 700,000 tonnes in 2023.
Gary Lewis from the UK’s second-largest olive oil supplier, KTC, told The Times: ‘Olive oil will become more of a niche product.
‘Rising prices mean consumers have started to move away from it and into sunflower oil already.’
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Last year’s heatwave has meant company’s are missing out on two months worth of supplies.
