Extra olive oil prices have hit record levels and are at their highest point for nearly a decade, as droughts in the Mediterranean have decimated production.

It comes just as many Brits will be looking forward to eating salads drizzled with olive oil as the Bank holiday approaches and the sun is shining.

The cost of a 1 litre bottle has risen to £5.16, rising by 6pc over the past 6 months alone, from £4.86 in December 16.

This compares to £4.41 in April 2009, according to Kantar Worldpanel data.

Meanwhile the proportion of olive oil bottles on promotion in supermarkets has fallen from 60pc two years ago, to 46pc today.

The price rises come despite negative food inflation over the period.

Big Mediterranean producers in Greece, Italy and Tunisia have experienced poor olive crops this year due to droughts. World olive production is forecast to fall 14pc this year with the amount being produced in Italy expected to halve, according to the International Olive Council.

Will Sohler, analyst at Kantar Worldpanel, said: “As the sun comes out, consumers may feel that it’s time to switch to lighter meals and salads.

"But those looking to add a Mediterranean-style dressing to their dinner may be shocked to find that the temperature isn’t the only thing on the up – the price of olive oil is also rising.