Global vegetable oil prices increased by 7.5 percent in November 2024 compared to October, the Food and Agriculture Organization of the United Nations (FAO) reported.
It is noted that the cost of vegetable oils reached the highest level since July 2022.
According to FAO, the price increase is due to higher quotations for palm, rapeseed, soybean and sunflower oils. The global price of palm oil has been growing for the sixth month in a row, still exceeding the prices of other oils.
«This is driven by ongoing concerns about lower-than-expected production amid excess rainfall in Southeast Asia,» the statement says.
At the same time, global soybean oil prices also continued to rise, mainly due to strong global import demand. The cost of rapeseed and sunflower oils increased due to an expected reduction in global supply in the respective markets.
