Do to labor shortages and the increasing price of crude oil, cooking oils are dramatically increasing in price. The crude oil industry is building plants to refine plant based oil for use in cars.
Soybean oil was trading at 76.50 cents per lb. or about triple the price of 25.75 cents a year ago. Palm oil was at 60.75 cent, more than double 28.50 cents a year ago. Canola oil nearly tripled to 95 cents from 32 cents. A year ago fry shortening was $21.00 pre 35 pounds and today it sells for $45.00. Be prepared for prices on fried chicken, French fries and other fried foods to go up. Stock up now if you see a sale and forget about fast food!
We have warned you about the problems with the supply chain, problems at the docks causing delays and price increases, driver shortages for long haul trucking, draught and freezes causing failures or delays in processing foods and causing food shortage.
There is another crisis on the horizon. Power outages in China. The overworked grid has failed in several areas resulting in the closure of some manufacturing facilities.
In other areas of China, factories are cutting production because coal has become too expensive, a problem exacerbated by a Chinese ban on imports from Australia since last years call for an independent global inquiry into the origins of Covid-19. Many of these plants manufacture electronic chips used in appliance, computers, cars and more. Industry spokesmen are now advising chips will be in short supply until 2024.