May 1996
The Question was. Why has the price of Italian Olive Oil increased from $10.00 a gallon to over $25.00 a gallon in less than one year's time? Olive Oil from Spain where are you? I bet the price will never come back to a reasonable level!
Answer to the Question: Erika Collowhill wrote: I read that the olive crop hasn't been doing well and can't keep up with worldwide demand. Hence higher prices.
This was confirmed on May 3rd: According to Signor Carmastra of the Italian Trade Commission in New York City , "The price of olive oil has increased by 30% over the past 6 months. There was a much smaller than normal harvest last year. Combine that with the growing demand for the product, as people realize it is better for your health than butter especially in the USA, and hence you have price increases." Signor Carmastra also stated, "Hopefully the harvest this year would be better, but it takes the trees a few years to get back their full production". No opinion was offered on whether the price will come down to lower levels.
The price is still high! In the Boston area one gallon of Berio Olive Oil sold for $9.99 at Star Market in September 1995. This past week it was $24.99, that's up 250%. Other markets are charging a similar price. I wonder as so often happens if the markets are taking advantage of the increased price and that they are involved in a little price gouging?
Thank you: Erika Collowhill and Signor Carmastra.
Update! Prices have fallen due to a huge harvest!
May 1998
Wow, what a difference 2 years make. Italy and Spain are celebrating record breaking olive harvests. The price of olive oil has returned to pre-1996 prices. A 1 liter can now sells for around $9.99 in most markets, with extra-virgin olive oil prices following suit. Enjoy the low prices now and cook more with this wonderful oil.
J. Benham of Cambridge, Ont. wrote in response:
Look for a product with Canola and Olive oil combination. It's less expensive and used for cooking. Also can be used on salads etc., but I still prefer Olive oil on some things. Canola oil does not have cholestorol and therefore healthier. You can also use Canola oil straight. I have seen chefs on TV recommend it.
Thank you: J. Benhan
Update! Prices to remain low!
January, 2000
The Italian Olive Harvest was near records again, prices
should remain low through 2000.