Russia's war heats up cooking oil prices in global squeeze
ISTANBUL (AP) — For months, Istanbul restaurant Tarihi Balikca tried to absorb the...
Stay updated with breaking news from Fish Experience. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
ISTANBUL (AP) — For months, Istanbul restaurant Tarihi Balikca tried to absorb the...
The war between Ukraine and Russia, which supply 75% of the world's sunflower oil, has caused already-rising cooking oil prices to spiral upward.
"Prices are up a great deal, over the past year or so, on the order of 40% in some cases in some vegetable oils. And in the case of sunflower oil you can't even get it, even if you want it because of the Ukraine war. It's important to note that ..... the war has made things much worse."
For months, Istanbul restaurant Tarihi Balikca tried to absorb the surging cost of the sunflower oil its cooks use to fry fish, squid and mussels. But in early April, with oil prices nearly four times higher than they were in 2019, the restaurant finally raised its prices. Now, even some longtime customers look at the…
The Russian invasion of Ukraine has further fueled already high food and energy costs, hitting the poorest people hardest.