Olive oil prices hit record high as Lebanese currency collapses
As the local currency continues to deteriorate, Lebanese are having trouble supplying olives and olive oil this year.
BEIRUT — As Lebanon continues to reel under a devastating economic crisis that has affected almost all aspects of life, people were recently shocked with the unprecedented high price of a 16-kilo tin of olive oil, which reached around $120, or approximately 4.5 million Lebanese pounds at the black market rate, which is equivalent to a month's salary for many employees in the small Mediterranean country.
During the first week of autumn, families in different Lebanese villages, especially in the south and the Bekaa Valley in the east, get together for the olive picking season. Part of the olive harvest is pickled in glass jars, and the other part is taken to the mills to be pressed into olive oil.
The olive tree is an integral part of the culture of many farmers and villagers, with olives and olive oil being a staple to many traditional dishes in Lebanon.
However, the price of olive oil has been gradually increasing since the economic crisis broke out three years ago, so many Lebanese now see it as a luxury product and only buy small quantities.
