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The oil that's actually soaring 30 percent

Tuscan bread is topped with fresh olive oil for a taste during the harvesting of olives at the Castello La Leccia estate on in Castellina in Chianti (Siena), Italy
Franco Origlia | Getty Images

Olive oil prices are soaring 30 percent, thanks to a hot European summer that severely hurt production, the Daily Mail reported on Monday.

Italy is the largest exporter of the oil and expects exports to fall 35 percent from last year, the news site reported. The largest producer, Spain, forecasts its national production will be halved this year.

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Already under stress from pests and last year's record production, the olive trees suffered from the Mediterranean's exceptionally dry and warm weather in May and June, when moisture is essential for high olive oil yield, the Daily Mail said.

Read the full story at the Daily Mail.