Rising prices for vegetable cooking oil continue to heat up. Even as we see inflation slowing, the cost of food and food related products continue their climb. A quick trip to the grocery store any you’ll see just how much the cost of food has increased. Even among commodities like paper plates and towels, sugar and vegetable cooking oil to name a few.
Soy, palm and canola cooking oil prices have soared. Beyond cooking, these fuels are used and and a variety of others including biofuels, cosmetics animal feed and industrial uses.
Increases in cooking oil prices are largely due to global weather events and geo-political turmoil. Typhoons in southeast Asia, war and supply constraints taking place in the Ukraine and droughts in the south americas are all playing a role in increasing cooking oil costs.
Consumers and heavy users of vegetable cooking oil are complaining of the every increasing prices but cooking oil is such a necessity to every day food prep, one can liken it to gas for a car.
Beyond shortages and supply constraints we are seeing non-food use for vegetable cooking oil drive prices higher. Vegetable oil diversion for biofuels, paints, soaps and lubricants are placing greater demand for the product and contributing to higher pries.
Commodity cooking oil prices are up more than 30% compared to one year ago today. Restaurants unfortunately are forced to pass along inflated costs to customers who are lessening discretionary spending as inflation continues its march upward.
If you are a home cook the keep an eye out for any sales or promotions for cooking oils and take full advantage by stocking up. For larger operations like food manufacturing and production, resorts and casinos, higher education and fast food chains, make sure you are working with a supplier that can ease the burden of rising prices.
Proactive suppliers purchase cooking oil in very large quantities, often time locking in prices for vegetable cooking oil for a year or even more. All this translates into savings for you and your customers. If you are looking for a proactive supplier with your bottom line in mind then give Pure Edible Oils a call today.
Rising prices for vegetable cooking oil continue to heat up.