The price of olive oil surges more than 100% to all-time highs as a Mediterranean drought threatens supplies

• Olive oil is the latest commodity to see prices spike to record highs. 
• The average price in August was 130% higher than a year earlier, surpassing levels not seen since 1996. 
• "Consumer and cultural preferences for olive oil make it difficult to substitute despite plentiful supplies of other vegetable oils," the USDA said. 

Olive oil is the latest commodity to see prices jump to new highs thanks to severe weather conditions. 

According to the United States Department of Agriculture, global olive oil prices spiked to $8,900 a ton in September as extremely dry weather in the Mediterranean raised the risk of supply disruptions.