Is olive oil becoming a luxury?

Enjoy your beloved olive oil while you can. "Erratic weather" across the Mediterranean has ravaged the region's olive crops, The Washington Post reports, causing the price of extra-virgin olive oil to jump 30 percent in Italy, 10 percent in Spain, and 17 percent in Greece. Overall global production is set to drop some 8 percent this season, experts say.

Bloomberg explains the heat waves and other abnormal weather patterns causing the slump:

The strong dollar has so far mostly insulated American consumers against the price rise.

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