Telegraph.co.uk | Price of olive oil set to soar as European drought takes its toll Telegraph.co.uk The cost of olive oil in supermarkets is set to soar in the coming months as droughts in the Mediterranean take their toll. The price of olive oil has risen 15pc in the last year to $4,434.15 (£3,410.36) per tonne, and is up 63pc over the last five ... Mediterranean drought leads to spike in olive oil prices |