Spanish Olive Oil Prices Surge to Historic Highs Amid Drought and Supply Squeeze
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Drought and heatwaves have halved Spanish olive oil production, increasing prices by 112% since last year.
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Olive oil prices have reached historic highs, impacting Spain more than other EU countries despite Spain being the top producer.
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Higher production costs are squeezing Spanish farmers, even as olive oil prices rise rapidly in stores.
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The increase in olive oil prices is also raising the prices of other products like canned goods.
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Spain typically had lower olive oil prices than other countries, but prices are now aligning more globally.