Australia has been hit by a vegetable oil crisis

Published 2022년 8월 9일

Tridge summary

Australia is experiencing a vegetable oil crisis, with prices rising by 14% compared to last year, according to the consumer price index. The crisis is expected to impact various parts of the food chain as vegetable oil is a key ingredient in many products. The war in Ukraine, which has restricted sunflower oil exports, and high demand for soybeans from China are the main factors contributing to the price increase. The situation is further exacerbated by labor shortages in Malaysia and Indonesia, and an export ban in Indonesia to ensure domestic sufficiency.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Jakarta, CNBC Indonesia - Australia has been hit by a vegetable oil crisis. This is starting to complain about business actors in the country. Quoting ABC News, one of them is Teresa Paolini. The food shop entrepreneur in Melbourne used to be able to buy a cottonseed oil blend for frying for less than AU$40 per drum, but not anymore. "Now the price is up to AU$60 (Rp. 621 thousand). We have to increase the price by about 50 cents for each item," said Paolini quoted Tuesday (9/8/2022). The latest consumer price index (CPI) data does show how vegetable oil rose by 14% compared to last year. The increase is the same as fruit and vegetables. According to analysts, the vegetable oil crisis is likely to hit many other parts of the food chain. This is because the goods have become the basic staples. Vegetable oils are in everything from margarine to hummus. Including baked goods. The rise in vegetable oils has also affected other industries. Such as cosmetics, lipsticks and moisturizers. ...

Source: Cnbcindonesia