Aussies are giving up a popular supermarket staple due to 'extreme' price hikes nationwide: 'We simply can't justify it'

Olive oil prices have increased due to olive shortages  Now Aussies are using less because it's too expensive  Read more: The one mistake Australians are making at the grocery store

Australians feeling the pinch due to the cost of living crisis are giving up olive oil as the staple continues to skyrocket in price.

The price has jumped by 40 per cent since 2021 due to inflation and a global shortage of olives.

Bec Nesnidal, from Port Stephens, New South Wales, told FEMAIL she is now forced to use olive oil sparingly by mixing it with butter when cooking.

While browsing the aisles at Coles, the 48-year-old was flabbergasted after seeing the extreme cost of olive oil.

'What the absolute heck is going on with olive oil prices? I used to pay $9 for a bottle - now look,' she said in a video, showing how prices varied from $13 to $65.

The same Coles brand Extra Mild Olive Oil she used to purchase is now $17.

Bec refuses to buy alternative oils, such as vegetable or canola oil, as it causes inflammation in her body.

'I will not buy [olive oil] unless I can find some on at least 40 per cent off - and even then it's still expensive. I have reverted back to using real butter in cooking and just add a small dash of olive oil to stopping it burning,' she said.

Australians feeling the pinch due to the cost of living crisis are giving up olive oil as the staple continues to skyrocket in price

'I used to make my own chilli and garlic oils using olive oil but I will have to go without now,' Bec continued.

'I suspect the prices will go even higher as people will start panic buying it due to the shortage of olives overseas.'

Daily Mail Australia previously revealed the average price of olive oil jumped by 100 per cent from 2021 to 2024 because of the drought and fires in Europe.

The reason for the high prices continues due to the shortage of olives to make the oil.

Australian olive oil is also in short supply due to a poor fruit harvest the previous season, which is driving the prices up along with the Mediterranean shortage.

Home cooks on Reddit have reported resorting to other types of oils like vegetable and coconut - but many claim it's 'not the same'.

'What the absolute heck is going on with olive oil prices? I used to pay $9 for a bottle - now look,' she said in a video and showed how prices varied from $13 to $65

A few shared top tips for acquiring and prolonging the life of your olive oil bottles.

'I buy bulk 10L jerry cans from Kangaroo Island. It's good quality and was reasonably priced,' a man said.

'Aldi. But they rarely have bulk so Costco,' another shared.

Bec's video has since been viewed more than 242,000 times and others agreed they've turned to Aldi to buy oil.

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