Pockets drained by the spike in food prices in Indonesia

Published 2022년 12월 28일

Tridge summary

Indonesia has experienced a surge in food commodity prices, with cooking oil being the most significant contributor to the country's inflation from January to April 2022. The price increase was attributed to a rise in crude palm oil prices on the international market. The government tried various policies to stabilize cooking oil prices, but the scarcity led to panicking housewives and the death of a mother in queue. Ultimately, the government banned the export of crude palm oil and its derivatives to control the domestic market situation. This chaos resulted in the removal of the Minister of Trade, Muhammad Lutfi, and his replacement with Zulkifli Hasan.

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

Original content

Jakarta, CNBC Indonesia - A number of food commodities have experienced price hikes this year, from chilies, rice to cooking oil. The chaos over the price of cooking oil even forced the Minister of Trade M. Lutfi to be removed from his position. The food commodity that has attracted the most attention this year is cooking oil. This commodity will continue to be the main contributor to inflation from January-April 2022. The price of cooking oil has soared since November 2021 from around IDR 16,000/liter to above IDR 20,000/liter due to the spike in the price of crude palm oil (CPO) on the international market. In the midst of soaring cooking oil prices, the Ministry of Trade had announced that it would ban the sale of bulk cooking oil as of January 1, 2022. However, this policy was revoked in December 2021. //

Source: Cnbcindonesia