Olive oil prices soaring in Spain

Bulk prices for extra virgin olive oil have shot up 57 cents in Spain amid gloomy harvest forecasts for the next season, which starts in a month. In May olive oil prices were at their lowest since 2009, according to the International Olive Council, with EVOO down to €1.77 ($2.22) a kilo. But Spain’s olive oil price information system POOLred shows that since July there’s been a strong recovery.