Recent months have seen a sharp rise in the cost of extra virgin olive oil (EVOO), attributed to a scarcity in supply due to adverse harvests. Experts indicate a notable 15.2% price hike from January to late March, pushing the average cost in Canada to $16 per litre. This increase is part of a troubling trend, with prices more than doubling from the average seen since 2017. Factors cited include climate change-induced droughts in Europe's key olive-producing regions, notably Portugal, Spain, and Greece, significantly impacting yields. The global production of olive oil has also seen a decline, exacerbating price volatility. Despite this, the cultural importance and unmatched flavor profile of EVOO suggest a continued demand, with some consumers potentially exploring premium options offering better value.
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