Italy's Olive Crisis Pushes Oil Prices Up

The transcript discusses the severe impact of unusual weather and fruit fly infestations on olive oil production in Sabina, Italy. Stefano Barbarosa, a local farmer, reports an 80% drop in production, leading to significant financial losses. Nationally, olive oil production is expected to decrease by over 70%, causing prices to surge. Local businesses, like restaurants, struggle with rising costs, unable to pass these onto customers. The situation may lead to increased imports of cheaper European alternatives.

What factors contributed to the drop in olive oil production in the Sabina area?

How are local restaurants affected by the rising prices of olive oil?