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Sticker shock for olive oil buyers

ROME — From specialty shops in Rome to supermarkets around the world, lovers of Italian olive oil are in for some sticker shock this year, with prices due to jump by as much as 20 percent.

The combination of bad weather and pests hit the harvest in Southern Europe, most of all in Italy, where production is halved from last fall. That’s pushing up Italian wholesale prices by 64 percent as of mid-February compared with a year earlier, which translates to shelf price increases of 15 to 20 percent in Italy.

In other countries, the ultimate price increases will depend on several factors — such as how much retailers take on the costs themselves and the change in currency values.

Italy’s harvest was especially hard hit by the combination of early rains that knocked buds off the trees and the threat of an olive fly that forced an early harvest, further cutting yields. Wholesale prices of olive oil from Spain, the world’s largest producers, are up a more modest 10 percent, with yields similar to 2016’s.

Italians collectively consume about 20 percent of the world’s olive oil, leading Spain at 16 percent, and that affinity makes them pretty resilient as consumers. The U.S. is the third-biggest market, consuming 10 percent of the yearly total.

The vast majority of the olive oil consumed in the U.S. is imported, with Italy and Spain being the top two sources of imports, according to the North American Olive Oil Association.

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