Olive oil is a healthy staple item in most kitchens, used for everything from salad dressings to frying and baking.

But the cost of adding it to the shopping list has soared.

Australia imports around half the olive oil it consumes from Spain — the world's largest producer — but drought there has impacted crops over the past few years.

The price of extra virgin olive oil in Spain has increased by 71 per cent in the last year alone, according to the European Commission.

Extreme weather conditions have impacted crops all across Europe, to the point where olive growers have to protect their crops and warehouses from being robbed.

But fear not, chef Kirsten Bacon said there were some fantastic alternatives to the classic cooking staple. 

Sunflower oil

Best for: Salad dressing, frying

Avg Price: $0.65 per 100ml

If you are looking for an alternative to your salad dressings, Ms Bacon recommends sunflower oil.

It can be used as a substitute for olive oil in the classic French dressing and can also be used for frying.

"You could use sunflower oil to pan fry a schnitzel but you would add a little bit of coconut oil or a little bit of sesame oil just to change up the flavour," Ms Bacon said.

Coconut oil

Best for: Frying, cooking

Avg Price: $1.20 per 100ml

"Coconut oil is great for frying anything … but you wouldn't use as much oil as if you might use with olive oil, so you would just shallow fry it," Ms Bacon said.

Coconut oil is available in both solid and liquid form.

Canola oil

Best for: Cooking

Av Price: $0.56 per 100ml

Derived from the rapeseed plant, canola oil is great for your cooking needs.

"For everyday cooking needs, canola and vegetable oil blends present a cost-effective solution without compromising on quality," Ms Bacon said.

"With smoke points comparable to olive oil, these blends offer a seamless transition in the kitchen, ensuring culinary excellence without breaking the bank."