Photo: STEFANI REYNOLDS / Getty Images
Not only the crisis between Russia and Ukraine, has increased food prices in the United States and in various parts of the world in recent months. Now another ingredient is added to the list that could make the pantry even more expensive.
In an attempt to secure local supply, Indonesia, the largest producer of palm oil worldwide , has restricted exports of this ingredient, present in half of food products.
In a recent report, Indonesian President Joko Widodo announced the suspension of exports of cooking oil and the raw materials used to its manufacture “until further notice”. The measures come into force as of this Thursday.
“I will continue to observe and evaluate the implementation of this policy so that the domestic supply of cooking oil is abundant and the price is affordable,” said Widodo, in statements collected by Bloomberg .
After the announcement, palm oil price futures soared almost 7% in Malaysia, which is considered a world reference.
The situation intensified after the Indonesian Minister of Economy said the 27 April that the government would expand the scope of its raw material ban for olive oil crude and refined palm.
The president of the consulting firm LMC International James Fry , told CNN that he estimates that the prices of items, such as cooking oils, instant noodles, bakery, margarine and snacks will increase from the announced changes.
Palm oil is currently found in a wide variety of foods, cosmetics and household items. It is estimated that more than half of the packaged products in supermarkets have this ingredient.
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