Olive Oil May Be the Next Grocery Item to Give You Sticker Shock

In the latest twist to see if your monthly food bill can exceed your rent or mortgage, extra virgin olive oil could get substantially more expensive in the coming months. The main culprits are droughts and heat waves across Europe that have industry experts projecting a far lower crop yield than normal. In Italy alone, olive oil exports could see a 37% decrease. Popular supermarket brand Filippo Berio is anticipating 20% less inventory than usual. As supply dwindles and demand remains the same, the company is looking at a 30% to 50% price increase. Olive oil joins eggs as the primary grocery items that are siphoning money from consumers.