1. Olive oil prices are expected to rise due to droughts, heatwaves, and sub-optimal harvests.
2. Supply of sunflower oil also affected by war in Ukraine.
3. Starbucks new drink, Oleato Latte, could become more expensive.
Why Olive Oil Prices Are Increasing
- Several factors contribute to the rising cost of olive oil. During the summer of 2022, droughts and heatwaves affected olive oil-producing regions.
- Spain and Italy, major producers, face smaller harvests. Ukraine’s war has led to a decrease in sunflower oil supply, affecting all vegetable oils.
Climate Change Impact
- Casey Corn, an olive researcher, states that the changing climate will result in volatile olive production.
Starbucks Oleato Latte
- Starbucks introduces Oleato Latte, which includes real olive oil. This adds extra nutrients and calories.
- New variants of Oleato drinks are planned, including an Ice-Shaken Espresso and Golden Foam cold brew.
- The situation doesn’t seem to improve soon. Starbucks drinks will also be affected, making your next order potentially more expensive.