Price of olive oil to rise 25% as heatwave hits crops

Rocketing costs come as Spain experiences sweltering temperatures and lack of rain

Spain is reportedly on track to produce 400,000 fewer tonnes of olive oil this year (AFP via Getty)

Olive oil prices could rise by up to 25 per cent as heatwaves hamper production in Spain, a leading exporter has warned.

The warning comes as droughts on the continent also threaten to send prices soaring for French and Swiss cheese.

Heatwaves have been sweeping through Europe this summer, with France, Italy and Portugal among those experiencing prolonged bouts of extreme heat.

Spain is also experiencing one of its hottest summers on record, as well as drought affecting crops such as avocados and olives.

A leading Spanish producer told the BBC these difficult weather conditions are likely to have a knock-on effect on supermarket prices.

Heatwaves have had a “drastic” effect on production, according to Miguel Colmenero from Acesur, whose olive oil products are sold in UK supermarkets such as Tesco and Sainsbury’s.

Amid the scorching weather and drought conditions, Spain is forecast to produce around 400,000 fewer tonnes of olive oil this year, he told the BBC.

Mr Colmenero reportedly said customers could expect to see a change in supermarket prices in the next three or four months when contracts are renewed, and estimated an increase of 20 to 25 per cent.

Wildfires have broken out in Spain amid extreme heat and dry conditions (AP)

Spain is experiencing one of its hottest summers on record (Reuters)

Acesur’s export manager also told the broadcaster dry weather could affect next season’s crop if there is not enough water for olive trees to grow new branches.

Spain experienced its hottest July on record this year, with an average temperature of 25.6C, nearly 3C up from the previous record.

The extreme heat and lack of rain have caused many wildfires and worsened drought in many areas, as well as being responsible for hundreds of deaths.