Global cooking oil prices have been rising since the COVID-19 pandemic began and Russia¡¯s war in Ukraine has sent costs spiralling. It is the latest fallout to the global food supply from the war, with Ukraine and Russia the world¡¯s top exporters of sunflower oil. And it¡¯s another rising cost pinching households and businesses as inflation soars.
How has Russia’s invasion of Ukraine impacted edible oil prices?
Russia¡¯s invasion of Ukraine has sparked a global shortage of sunflower oil that has in turn pushed prices of other edible oils to record highs, hitting food makers and consumers already grappling with inflation. Ukraine is a major producer of sunflower oil, making up over 47% of the world¡¯s exports, according to research firm Mintec.
Why are cooking oil prices spiraling?
The war in Ukraine ¡ª which supplies nearly half of the world¡¯s sunflower oil, on top of the 25% from Russia ¡ª has interrupted shipments and sent cooking oil prices spiraling. It is the latest fallout to the global food supply from Russia¡¯s war, and another rising cost pinching households and businesses as inflation soars.
Why are cooking oil prices so high in India?
Prices of cooking oil are set to soar in India as a result of the ongoing crisis between the two top producers and exporters of sunflower oil — Russia and Ukraine.