Italians call their olive oil “green gold”. This year the comparison couldn’t be more fitting: Prices are increasing so much that they resemble more and more the shiny metal’s prices.

A bad climate and attacks from flies have spoiled the olive harvest in big parts of Italy. Also ByItaly had to leave Umbria this year and find the Olive Oil in Gaeta, a famous oil area in the region of Lazio.

Worldwide production of Olive oil is down by 19 percent to 2,5 million tons.  And for the first time there is not enough Oil to meet the demand.

In Southern Italy extra Virgin Olive Oil with low acidity has reached 7 Euro per chilo at whole sale. This is a number never reached before.

The result: Olive thieves are stealing olives from the fields in Southern Italy. And speculators are trying to put their hands on as much oil as possible. They want to hoard the oil to sell it for an even higher price.

PS: The hike in olive oil prices has made it even in the business section of the Guardian

http://www.theguardian.com/business/blog/2014/dec/02/olive-oil-prices-soar-bad-harvest