Food and Oil Shortages Lead to Sharp Increase in Prices in Food and Beverage

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Translated by: MOS English Team – mingyue

It is reported on May 11, that the ongoing pandemic and the disruption of the global supply chain resulting from the Russo-Ukrainian war have led to global food crisis, among which edible oil is one of the influenced.

Image Source: ctvnews

The report said Canada’s edible oil prices have soared in the past six months and are likely to at least triple by the end of the year. As a result, consumers in the country will feel that prices in the catering industry will also increase significantly.

Ukraine, the world’s largest exporter of sunflower oil, has been forced to halt production of the foodstuffs because of the war. In addition, Indonesia, which accounts for 55% of the global palm oil market, has also begun to restrict the export of this product.

Image Source: schroders

Although Canola oil is available as an alternative in Canada, this year’s floods in Manchester and the overly dry climate in the west will greatly reduce Canola oil production. As a result, soaring prices for most foods in Canada will be inevitable.

Reference:
https://gnews.org/zh-hans/2516599/

Edited by:  MikeHua
Posted by: Peter Chen

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