Olive Oil Prices Skyrocket: Shoppers Splurge Up to £16 for 'Liquid Gold
Olive Oil Prices Skyrocket: ...
Subscribe to Newsletter

Olive Oil Prices Skyrocket: Shoppers Splurge Up to £16 for 'Liquid Gold

15 April 2024
975
2 min.
2
Olive Oil Prices Skyrocket: Shoppers Splurge Up to £16 for 'Liquid Gold

Price Surge Alert

Leading supermarket brands approach £8 per bottle. Recent data from the Office for National Statistics shows a 39% increase in average prices over the past year, now at £7.68 compared to £5.51 just twelve months ago.

Shoppers are feeling the pinch even more with two-liter bottles commanding a staggering £16, signaling that relief from these soaring prices is not on the horizon. This comes on the heels of a viral photo depicting olive oil on sale at a Tesco store for nearly £13 per bottle.

Responding to the ONS figures, Tesco clarified that their olive oil offerings start at a much lower price point, beginning at £3.30. However, consumers across Britain and Europe have been grappling with steep price hikes in recent months, attributed to a myriad of factors.

Severe weather wreaked havoc on olive groves throughout Europe, notably in Spain, the global leader in olive oil production. Record-breaking temperatures, with scorching highs in the low forties Celsius, battered the region. Moreover, wildfires inflicted significant damage in major producing nations like Greece, intensifying pressure on olive oil production.

Amidst a concerning surge in olive oil theft, often referred to as the "liquid gold" theft, criminal organizations are exploiting its lucrative value. This illicit activity involves stealing olive oil from supermarkets and illicitly reselling it. Ruben Navarro, the leader of Tu Supermarket chain in Spain's Andalucia region, emphasized the gravity of the situation, remarking, "Olive oil has emerged as a prime target for theft."

In response to this trend, supermarkets in affected regions have implemented stringent security measures, including chaining large five-liter bottles and attaching security tags to smaller vessels. These efforts aim to curb theft and safeguard olive oil supplies for consumers.

Companies2 in the news

Section:
Source foto:
flickr.com
Rating companies
Instagram
18 Mention
ITV
12 Mention
Daily Mail
9 Mention
Labour Party
6 Mention
X (Twitter)
6 Mention
Channel 4
6 Mention
The Sun
6 Mention

ENGLAND NEWS


News GlobalEng.biz -this is the latest and most up-to-date information about the resonant events that have occurred in the region. The task of the resource's news feed is to convey to readers information about important events in business, politics, economics, healthcare, culture and other spheres of life in England with maximum accuracy and objectivity.
News GlobalEng.biz - this is coverage of the economic processes taking place in England, the latest news of public life, incidents and an overview of political events. English news is information about the activities of small and medium-sized businesses, the work of housing and communal services, the implementation of significant projects. The site's journalists describe not only the life of the region, but also talk about the current state of the English economy. Everything you need to know about innovations in the field of industry and agriculture, economy and government is collected in the "News" section on GlobalEng.biz.
News of England promptly informs the reader, shows the real picture and opens up topical topics. Communication with government structures and business gives us the opportunity to provide our readers with reliable, information-rich material.
The main page of the portal contains the key news of England!
Alena Potapova

Development Director
Population
8126970853
Died this year
24072955
Born this year
59223730