By Tyler Durden
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.
Bloomberg notes the reason for the price surge is “because of the emergence of pent-up demand as economies reopen after COVID, the outlook for more use in renewable fuels as energy prices soar and production problems in major growers.”
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