Drought in Spain severely reduces olive crop sending price of olive oil surging

The price of olive oil is set to soar in Britain’s High Street stores after drought in Spain severely reduced the crop harvest, a new report showed yesterday. Shoppers are being warned that they will soon face hefty hikes in the cost of the popular kitchen cupboard staple as supplies are hit. Wholesale prices of extra virgin olive oil have already rocketed by 30% in the last two months and industry analysts say the increases are so high that they will have to be passed on to consumers.