Due to skyrocketing prices and a surge in thefts, supermarkets in Spain, the world’s leading olive oil producer, are implementing heightened security measures for one-litre bottles of extra-virgin olive oil. Priced at up to 14.5 euros ($15.77), these bottles are now equipped with security tags, joining the ranks of spirits, cosmetics, and appliances protected against shoplifting and theft, as reported by Reuters.
The surge in olive oil prices, witnessing a staggering 150% increase over the past two years, can be attributed to a severe drought affecting southern Europe, a major olive oil-producing region. Spain, Italy, Greece, and Portugal are among the top olive oil producers, with Spain alone supplying about 40% of the world’s output.
The outlook for olive oil prices remains a concern, with Deoleo, the world’s largest olive oil producer, predicting that prices in Spain will stay at record levels until at least June due to consecutive droughts in the southern part of the country.
Several Carrefour and Auchan supermarkets in Spain have reportedly introduced security tags on one-litre olive oil bottles, requiring staff intervention for removal. Spanish police have also reported instances of olive oil theft from mills, with current laws in Spain allowing for the punishment of thefts of items worth less than 400 euros only in the case of repeat offences.