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“Prices Soaring – Olive Oil Prices Spike 100% and Cooking Oil Heists Follow!”

The recent surge in olive oil prices to record highs has been cause for alarm for two main reasons: consumer pain at the pump and a shocking rise in olive oil-related thefts.

According to a report from the International Olive Council (IOC), global prices for extra virgin olive oil have risen from around 70 US dollars per 100-kilo tin to over 100 dollars in the past six months. This is the highest price recorded for this type of olive oil since the IOC began tracking it in 1998.

As a result, retail prices for wine-quality olive oil have been pushed to absurd levels, with some bottles reaching as high as $60.

The precipitous price increase has had a direct impact on consumers, leading to widespread protest and hardship. In particular, low-income households and pensioners, who often rely on olive oil as a relatively cheap form of cooking oil, have been especially hard hit.

Unfortunately, the price increase has had an unexpected side effect: according to police in Greece, Italy, Spain and other olive-producing regions, there has been an explosion in the theft of olive oil from traditional olive-based agro-food businesses. This includes large-scale thefts from factories, warehouses, and retail outlets. In some cases, thieves have taken tens of thousands of liters in a single heist.

The increasing olive oil thefts are causing alarm in the region, and officials are taking steps to enrol more police personnel to combat the crime. Security firms have also been hired to provide additional protection at premises, while authorities are introducing stiff penalties for anyone found to have stolen olive oil.

The idea that olive oil has become such a precious commodity that its theft has become commonplace is a worrying sign of the times. It also highlights the need for greater regulation of the olive oil industry, to ensure that prices remain stable and that consumers are not ripped off. If nothing is done, there is a real risk of the industry spiraling into chaos.

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