E-v-uh-oh!

Italian olive oil prices are set to jump as much as 20 percent this year, which could produce heartburn for cooks, restaurants, and lovers of the oil. Olive oil production in Italy this year is just half of what it was last year because of early rains, which knocked buds off of trees, and the threat of damage from olive flies, which forced an earlier-than-usual harvest. As of mid-February, wholesale prices for Italian olive oil were up 64 percent compared to the year before. That means the shelf price for olive oil would rise 15 to 20 percent in Italy. In the U.S., the increase is likely to be less because of the strong dollar, which makes imports less expensive.