In the past year in Italy, the price of olive oil has risen 37 percent, the second highest increase after sugar. But the current outlook is not bright either: the price will not drop for at least the next two years. In fact, it will take at least two years, assuming they are two highly productive years, to fill the warehouses again. The 2022-2023 season closed with a 27 percent drop in production in Italy, and especially a 56 percent collapse in Spain, which is the world's leading producer. In Italy, Umbria has already let it be known that the 2023 vintage is headed for a drop of more than 50%. A series of adverse weather events have affected the plants and fruit, from winter droughts to late frosts and incessant spring rains that have caused major problems in the transition from flower to fruit. As for the upcoming olive growing season, a 50 percent drop is expected throughout Central Italy, while in the South production will drop by 10 percent compared to the best years.