Price of olive oil to rise 25% as heatwave hits crops

Rocketing costs come as Spain experiences sweltering temperatures and lack of rain

Spain is reportedly on track to produce 400,000 fewer tonnes of olive oil this year (AFP via Getty)

Olive oil prices could rise by up to 25 per cent as heatwaves hamper production in Spain, a leading exporter has warned.

The warning comes as droughts on the continent also threaten to send prices soaring for French and Swiss cheese.

Heatwaves have been sweeping through Europe this summer, with France, Italy and Portugal among those experiencing prolonged bouts of extreme heat.