Recent times have seen a noticeable change in the olive oil that Michelle Spangler purchases, blends, and infuses with flavors for her Dallas store. It's not the quality of the product that has changed but its price. Global olive oil prices have surged to record levels, more than doubling over the past year.While Ms. Spangler has a pricing agreement with her supplier to mitigate rapid cost increases, she still anticipates a 20% rise in expenses. As a result, she is planning to increase prices by 10 to 15% at her store, Infused Oils & Vinegars, early next year.
Prices have more than doubled as extreme weather hit crops in Spain, Italy and elsewhere. The upcoming harvest isn’t looking much better, so that drizzle of oil on your salad may remain costly.
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