Olive Oil Prices Are Going Through the Roof

First came zucchini and eggplant shortages. Then Iceberg lettuce disappeared from European grocery shelves.

Now erratic weather in Spain and Italy, the world's biggest producers, is rippling through global olive oil markets, and it's about to get worse. Prices for extra virgin olive oil in Italy have soared almost one-third since October to €5.75 ($6.15) a kilogram, while Spanish costs jumped about 10%, according to the International Olive Council in Madrid. The forecasters at Mintec Ltd. in England see room for even further gains.

Nowhere is the surge felt more than Britain. Thanks to the Brexit-induced collapse of the pound, olive oil is the most expensive it's been in at least seven years. Celebrity chef Jamie Oliver is closing six of his Italian restaurants around the country after the currency's crash drove up costs.