Beginning Thursday this week, Indonesia will ban exports of cooking oil and the raw materials to make it in order to reduce domestic shortages and fight Indonesian inflation.
The Indonesian people have been protesting the rising costs of food in the capital, which may have spurred President Joko Widodo to enact the export freeze.
According to ABC News, Widodo said in a statement,
I will continue to monitor and evaluate the implementation of this policy so that the availability of cooking oil in the country is abundant and at an affordable price.
Indonesia and Malaysia supply 85% of the world's palm oil needs, and palm oil accounts for roughly 40% of the world's vegetable oil usage, which means there will be considerable demand for the other types of vegetable oil.
Limited supply and excess demand mean more inflation!
Palm oil is also regularly as a substitute for cocoa butter by chocolatiers; a chemical feat the other oils do not quite pull off. Better ration that chocolate you've got hidden on the top shelf away from the kids; it may be in short supply soon.
And who the biggest chocolatier using palm oil?
Nutella.
You might want to stock up on... well, everything else peanut butter, shampoo, lipstick, detergent, ice cream, soap, and lots of other things we use on a daily basis all use palm oil these days.
Time to hoard the hazelnut goodness if you love it!
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