If you buy your olive oil in bulk, you’ve likely been in for a shock in recent weeks. Major supermarkets have been selling olive oil for up to A$65 for a four-litre tin, and up to $26 for a 750 millilitre bottle. We’ve been hearing about the health benefits of olive oil for years.
And many of us are adding it to salads, or baking and frying with it. But during a cost-of-living crisis, these high prices can put olive oil out of reach. Let’s take a look at why olive oil is in demand, why it’s so expensive right now, and what to do until prices come down.
Including olive oil in your diet can reduce your risk of developing type 2 diabetes and improve heart health through more favourable blood pressure , inflammation and cholesterol levels . This is largely because olive oil is high in monounsaturated fatty acids and polyphenols (antioxidants). Some researchers have suggested you can get these benefits from consuming up to 20 grams a day .
That’s equivalent to about five teaspoons of olive oil. A European heatwave and drought have limited Spanish and Italian producers’ ability to supply olive oil to international markets, including Australia. This has been coupled with an unusually cold and short growing season for Australian olive oil suppliers .
The lower-than-usual production and supply of olive oil, together with heightened demand from shoppers, means prices have gone up. Many households buy olive oil in large quantities because it is cheaper per litre. So, if you .