Spain's severe drought and parched soils have sent olive oil prices to levels not seen in more than a decade. The surge in olive oil prices, along with fresh produce, is exacerbating already high food prices as the Northern Hemisphere summer starts in less than a month.

Data from Bloomberg shows that Spanish extra-virgin olive oil prices have jumped 200% since 2020 to 5,870 euros per metric ton -- the highest level since 2010. Most of the price surge was recorded in the last year.