(Bloomberg) -- Soaring olive oil prices in Europe will hold for another season, forcing consumer cutbacks of the beloved staple, the European Commission forecast Monday. 

Production in the season that began this month is expected to total 1.5 million tons, just 9% above last year, as key growers suffered a second drought, the agency said. Coupled with tight stockpiles, that’s lifted prices in key growing regions like Jaen, Spain to records — and almost triple the five-year average. 

The run-up has kept the cost of making traditional favorites like pizza and paella high, even as inflation begins to ease elsewhere. EU olive oil consumption is expected to fall 6% in the 2023-24 season, and the bloc will export about 10% less than last year, the agency said.

©2023 Bloomberg L.P.