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Your Shopping Bill Is About to Get Even Higher. Blame Indonesia’s Palm Oil Ban.

  • Policy is one of the ‘biggest acts of agriculture nationalism’
  • Navy detains two tankers bound for India, UAE as ban kicks in
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World Bank's Pangestu on Global Commodities
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Indonesia’s palm oil export ban kicked off Thursday in one of the most drastic cases of food protectionism since the war erupted in Ukraine. 

The top shipper imposed a sweeping ban on cooking oil exports, covering palm oil products across the value chain. It’s hard to overstate the importance of the tropical oil as it’s found everywhere today -- in food, soap, lipstick and even printing ink -- which makes Indonesia’s move important for the world.