Amidst high inflation, there is a shortage of “liquid gold” also known as olive oil, causing its price to soar to a record high, with prices rising in supermarkets around the world. Until its price comes down, what are some suitable alternatives?
According to the latest data from Statistics Canada, over the past three years, the average price of one liter of olive oil has more than doubled, from $6.62 in March 2021 to $15.93 in March 2024, marking a 140% increase.
At a Costco store in Brooklyn, New York, the price of a 2-liter Kirkland Signature Organic Extra Virgin Olive Oil skyrocketed from $16.99 in March 2023 to $24.99 this year, an $8 increase within a year. Specific prices may vary by region.
It is well known that olive oil is beneficial for health. Many people use olive oil for salad dressings, as well as for home baking and frying foods.
Why is olive oil so expensive now? And what can be used as a substitute until prices come down? Here is a summary from theconversation website.
Adding olive oil to your diet can reduce the risk of type 2 diabetes, lower blood pressure, reduce inflammation, and lower cholesterol levels, thus improving heart health.
This is mainly because olive oil is rich in monounsaturated fatty acids and polyphenols (antioxidants).
Some researchers believe that consuming up to 20 grams a day, equivalent to about five teaspoons of olive oil, can provide these benefits.
In recent months, various factors such as weather changes, price spikes, high interest rates, and severe inflation have significantly impacted the entire olive oil value chain, especially in Mediterranean countries like Spain, Italy, and Greece. Specifically, heat waves and drought in Europe have limited the ability of Spanish and Italian producers to supply olive oil to the international market.
For Australian olive oil suppliers, production has been affected by unusually cold weather and a short growing season.
Deoleo, the world’s largest olive oil producer from Spain, has stated that the industry needs to undergo a “profound transformation” to deal with possibly the most challenging time in its history.
With olive oil production and supply lower than usual and consumer demand on the rise, it means prices are on the rise as well.
Many households buy olive oil in bulk to save on the price per liter. So if you have some in stock, here are ways to make it last longer:
Proper storage:
Make sure the lid is tightly closed and store in a cool, dark place such as a pantry or cupboard. When stored this way, olive oil can typically last 12 to 18 months.
Use a sprayer:
Spraying olive oil using a sprayer is more evenly distributed than pouring, generally reducing the amount used.
Filter or freeze:
If there is leftover olive oil after cooking (frying), it can be filtered and used for other dishes. You can also freeze used oil in a sealed container, then thaw and use it for frying without affecting the taste or other properties.
But if using olive oil as a condiment, only fresh oil should be used.
Here are some healthy and affordable olive oil alternatives:
Sunflower oil is a substitute for salad dressing or frying oil. This oil has a mild taste and does not overpower. Some studies suggest that using sunflower oil can lower LDL (bad) cholesterol and increase HDL (good) cholesterol, thus helping reduce the risk of heart disease.
Price? A 750ml bottle costs $6.50.
Sesame oil has a nutty flavor, suitable for Asian seasonings and frying. Light sesame oil is typically used as a neutral cooking oil, while toasted sesame oil is used for flavoring sauces. Sesame oil is rich in antioxidants and has anti-inflammatory properties. Sesame oil is usually sold in smaller bottles compared to canola or sunflower oil.
Price? A 150ml bottle costs up to $5.
Using less oil in cooking can maintain a healthy diet. Here are some alternative cooking methods and techniques:
Use non-stick cookware:
Using high-quality non-stick pans and skillets can reduce the need for oil in cooking or eliminate it entirely.
Switch to steaming:
Steaming vegetables, fish, and poultry can retain nutrients and moisture without the need for added oil.
Baking:
Potatoes, chicken can be baked instead of fried.
Grilling:
The natural fats in meat can help keep ingredients moist without the need for oil.
Try vinegar or citrus:
Using vinegar or citrus juices (such as lemon or lime juice) can add flavor to salads, marinades, and sauces without relying on oil.