Olive oil prices have risen faster than any other food or drink over the past year as authorities tighten restrictions on criminals flooding the market with fakes. The average price of a one-litre bottle of olive oil had reached more than £8 – a 39 per cent increase in the year to March. Meanwhile, a bottle of higher-quality extra-virgin olive oil can now cost up to £20, according to figures from the Office for National Statistics. Prices have been driven up by poor harvests owing to extreme weather, drought and disease in Mediterranean countries such as Spain and Greece. Rising demand has also led to criminals exploiting the “liquid gold” industry, with gangs reselling olive oil, sometimes diluted with cheaper ingredients, including sunflower, canola or even lamp oil, on the black market. Earlier this week, 450 litres of counterfeit olive oil, which was sold on social media, was seized near Lisbon, Portugal, according to the Food and Economic Security Authority. Authorities in Spain and Italy working with the Europol law enforcement agency arrested 11 people tied to a criminal gang in November, seizing 12 barrels containing 260,000 litres of olive oil. Kyle Holland, a senior reporter for Mintec for the...