Global vegetable oil prices hit their highest level since July 2022

The FAO Vegetable Oil Price Index experienced a significant increase in November, rising by 7.5% to an all-time high of 164.1 points since July 2022. This surge is primarily attributed to the price hikes in palm, rapeseed, soybean, and sunflower oil quotations. Palm oil prices, in particular, have seen six months of consecutive growth, largely due to concerns over a potential drop in production caused by excessive rainfall in Southeast Asia. Additionally, global soybean oil prices have also escalated, fueled by a surge in global import demand. The report also highlights anticipated decreases in the global supply of rapeseed and sunflower oil, contributing to the overall price increase.