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In page Olive oil:

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One parameter used to characterise an oil is its acidity.[1] In this context, "acidity" is not chemical acidity in the sense of pH, but the percent (measured by weight) of free oleic acid. Measured by quantitative analysis, acidity is a measure of the hydrolysis of the oil's triglycerides: as the oil degrades, more fatty acids are freed from the glycerides, increasing the level of free acidity and thereby increasing hydrolytic rancidity.[citation needed] Another measure of the oil's chemical degradation is the peroxide value,[2] which measures the degree to which the oil is oxidized by free radicals, leading to oxidative rancidity. Phenolic acids present in olive oil also add acidic sensory properties to aroma and flavor.[3]