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Forwarded from Ice Age Farmer
Edible Oil Prices Hit Record High As Food Inflation Treat Soars

Prices of edible oils have been rising across the world. Palm oil, the world's most consumed vegetable oil, surged to a new record high, spreading concerns about persistent global food inflation.

Malaysia's palm oil futures soared more than 40% this year, while soybean oil is up more than 50%. Prices of canola oil are also at a record.

"There are no stopping prices from going higher" until policies are implemented that are likely to cool the commodity market, such as higher interest rates," Varqa said.

… This means that the weight of vegetable oils in the UN's Food and Agriculture Organization's FAO Food Price Index will continue to pressure global food prices higher. Last month, the index hit a new decade high, which includes a basket of food commodities (such as cereals, vegetable oils, dairy, meat, and sugar).

#FoodPrices #soybeans

https://www.zerohedge.com/commodities/edible-oil-prices-hit-record-high-food-inflation-treat-soars