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9 Jan 2024

Heat Waves Send Olive Oil Prices Skyrocketing

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The record summer heat waves have drastically reduced olive production, particularly in Messini, Greece, with output dropping by almost two-thirds due to droughts. This decline has caused olive oil prices [to more than double](https://www.semafor.com/newsletter/12/29/2023/semafor-flagship-weekend-crisper-sharper-and-with-the-potential-to-turn-toxic?utm_source=nowshare&utm_medium=flagship&utm_campaign=Evidence#j). Criminals are increasingly targeting oil shipments. The scarcity and rising value of olive oil have prompted a reassessment of its quality, highlighting the significance of Greece's "liquid gold."