Rising olive oil prices have P.E.I. businesses and consumers feeling the squeeze

You may have noticed it on your grocery bill: the cost of olive oil has shot up over the past couple of years.

Olive growers in Europe are seeing the mounting effects of climate change, including more frequent droughts, while some retailers in Spain have resorted to chaining up bottles of olive oil to deter shoplifters amid the high prices.

Here in Canada, the price has increased from an average of $6.62 per litre in March 2022 to $15.93 in March of this year, according to data from Statistics Canada. 

It's affecting how some businesses operate, and the choices some consumers make about what they buy and cook with.

Alex Rodriguez, a manager at Kent Street Market in Charlottetown, said she's had to source some of the shop's olive oil from elsewhere during shortages in order to avoid raising prices too much for customers.

Olive oil prices keep climbing. We asked Islanders how they're budgeting for their EVOO

5 months ago

Duration 1:34

The cost of extra virgin olive oil in stores across Canada has increased by about 25 per cent since January. CBC News hit the streets to speak with P.E.I. consumers and businesses about how the cost increase is affecting their buying habits. We hear from Adriaan Abeele, Barry Chandler and Kent Street Market manager Alex Rodriguez.

She buys a fair-trade olive oil from Palestine, and said her business will often have to wait a long time between batches for certain oils.

"Olive oil definitely [has] been ... affected by all the circumstances with Palestine and everything," she said. "We've been trying also to get [other] options that are, like, friendly for the people's budgets."

Rodriguez said sales of olive oil at Kent Street Market have been declining somewhat.

"It's bound to happen, considering the situation right now."

Nuray Sezer, who owns Dal's Potato Bar in Charlottetown's Founders' Food Hall and Market, said when she arrived in P.E.I. from Turkey five years ago, the price of olive oil was much lower.

"It is big challenge," Sezer said. "My husband and I search all of the markets [to see where it's] on sale."

She doesn't raise the prices on her products, so it's harder for her to make money. Olive oil is the only oil she'll use to cook at home, so she stocks up when prices are better.

"When I find something on sale, I buy 10 bottles."

Lower-cost alternatives

Adriaan Abeele does most of the cooking in his family, and said he sees the prices constantly going up.

"Instead of [extra-virgin olive oil], I'll probably use second-press olive oil.... And I use other oils too, like coconut oil."

He said as long as there is supply available, he's not concerned.

"It's when it becomes harder to get, that's when it's a problem for me."