Rising price of olive oil in Spain

The price of olive oil is set to rise as heatwaves hit production in Spain.

A leading exporter, Colmenero said the impact of the heatwave on production was “drastic”.

Acesur, which supplies the UK’s biggest supermarkets, while speaking with the BBC, warned that this would feed through into prices in shops in the next three to four months when companies renew their contracts.

The company’s export manager, Miguel Colmenero, said customers could see prices rise by 20-25% in the coming days and weeks.

Spain produces nearly half of the world’s olive oil, but the country, along with other parts of Western Europe which produce olive oil, including Italy and Portugal, has been experiencing extreme temperatures and a lack of rain in recent weeks.

Acesur is involved in the production of more than 200,000 tonnes of olive oil a year, out of the roughly 1.4 million tonnes produced in Spain annually, and sells its products in more than 100 countries.

It sells around 20,000 tonnes a year in the UK and packs own-label brands for Sainsbury’s, Tesco, Waitrose, Morrisons and Asda.

The supermarkets also stock its La Espanola brand, which is the third biggest in the UK.

Reports say most of the olives in its products are grown in Andalucia, southern Spain, which has had very little rainfall in recent weeks.

Last year, Spain produced around 1.4 million tonnes of olive oil, but officials are now forecasting as little as one million tonnes for this season.

The dry weather is however expected to impact next season’s crop, as well, especially if olive trees could not grow new branches due to lack of water.

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