A global food crisis has been spurred by Russia’s invasion of Ukraine.
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However, Indonesia extended curbs on palm oil exports, strengthening a growing list of key generating countries seeking to keep essential food supplies within their boundaries.
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Nonetheless, the dispute in Ukraine is jeopardizing global grain production. Supply of edible oils and fertiliser exports ban has sent basic commodity prices shooting up and echoing the catastrophe instability demands.
Consequently, palm oil prices have surged by more than half of its price this year.
Consequently, this is the most widely used vegetable oil is palm oil. It is used in biscuits, margarine, laundry detergents, margarine and chocolate.
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The export curb was aimed to ensure that cooking oil prices would remain affordable to buyers despite the ongoing war.