Olive oil has been named as the most shoplifted foodstuff in Spain as criminal gangs, soaring prices and production shortages have plunged supermarkets into chaos.

The oil, a staple ingredient in Spain’s cuisine took the top spot in supermarket ‘theft rankings’ in regions comprising 70% of the Spanish population – ahead of ‘luxury’ items like fine cheeses and ibérico ham.

Its status as an essential product makes it all the more unusual as a target for shoplifters, but a surge in prices has seen its ‘black market’ resale value skyrocket.

Spain is the world’s largest producer of olive oil, but prices have almost tripled in the last four years; shoppers who once could have bought a litre of extra virgin oil for €5 (£4) may now have to shell out €14 (£12).

The ingredient was ranked as the most stolen ingredient in regions comprising 70% of Spain's population

The price jump is due to years of poor olive harvests, with large-scale drought and extreme temperatures making growing the Mediterranean staple extraordinarily difficult.

But Alejandro Alegre, marketing director at security firm STC – which unearthed the data – said it was “important to note that there is no hunger theft” behind the trend, the Financial Times reported.

Organised criminals have taken advantage of the crisis, specifically targeting olive oil due to the sheer scale of its demand among Spanish consumers who can no longer afford it.

Olive oil was targeted at higher rates than the 'luxury' ibérico ham

Supermarkets have even turned to placing anti-theft devices, once the preserve of expensive wines, on bottles of oil.

But crafty criminals quickly circumvented these measures, using magnets to open and remove the devices – meaning they can be smuggled out of shops undetected.