Global olive oil prices have soared to record levels, more than doubling over the past...
There is something different lately about the olive oil Michelle Spangler buys, bottles and infuses with flavors such as basil and blood orange for her store in Dallas. It's not the taste but the cost: Global olive oil prices have soared to record levels, more than doubling over the past year. Spangler has an agreement with her store's supplier that protects against such rapid price increases, but she still expects to pay up to 20% more.
In July, Addison got an email from his biggest supplier, which sources its oil from Australia and California, informing him that the price of wholesale olive oil was going up more than 30%, effective immediately. Soon after, his second- and third-largest suppliers followed suit. 'Everybody jumped on the bandwagon and immediately jacked prices,' Addison said, noting that it showed how global markets work. On Tuesday, he issued a purchase order for olive oil at $39.
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