Why The Price of Cooking Oil Has Significantly Increased

Statistics South Africa had released the latest consumer price index and these are some of the things that have surged:

  • Cooking oils and fats: ⬆️ 22.7%
  • Meat: ⬆️ 8.6%
  • Vegetables: ⬆️ 7.7%
  • Electricity and other fuels: ⬆️ 14.1%
  • Fish: ⬆️5.3%
  • Bread and cereals: ⬆️ 3.7%

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The global cooking oil shortage is brought by the war between Russia and Ukraine, as they both play a significant role in agriculture by being the major players to the export of sunflower wheat, oil, and maize.

According to the latest Trade Map data, Ukraine’s sunflower oil exports in 2020 accounted for 40% of global exports, while Russia followed suit with 18% of global sunflower oil exports.

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When petrol increases, it impacts other things. Manufacturing, the agriculture sector, transport and the transportation of goods.

Although South Africa is yet to feel the impact of the war, in the long run, the effects will be felt.

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