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Olive oil prices to soar after Spanish drought devastates crop

A fresh oil crisis is brewing. However, this time it won't be hitting the garage forecourts but the nation's kitchens.

The wholesale price of extra virgin olive oil has jumped 62% in three months after a severe drought in Spain, the world's largest producer, wiped out an estimated 600,000 tonnes of production.

Filippo Berio, the UK's biggest olive oil supplier, has warned that it will be forced to pass on the increase to consumers.

"The [wholesale] prices are going up rapidly daily," said Walter Zanre, managing director of Filippo Berio, which sells 10m litres of oil a year in Britain.

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