Olive oil turns to liquid gold as prices rise

OLIVE oil prices are on the rise again just days before Christmas.

Some bottles went up by 50p in just a week, it emerged yesterday.

Sainsbury’s has led the way in hiking prices, revising the cost of 21 types of olive oil. Its own-brand 250ml bottle has increased to £1.35 and a 500ml bottle of its premium Toscano extra virgin olive oil is up 50p to £6.50. Filippo Berio olive oil in the store is up 20p to £5.95, while 750ml Napolina is up 10p to £5.60.

The price rises follow increases by major supermarkets in the UK earlier this year. The wholesale price of Italian extra virgin olive oil hit £4,883 a ton in July, up from £2,655, according to analysts Mintec.

Suppliers blame poor harvests and the weak pound. Prices are expected to remain high next year.

A Sainsbury’s spokesman told The Grocer magazine: ‘The cost of individual products is determined by a number of factors and prices can fluctuate both up and down as a consequence.’