TRINH NGUYEN
A stunning move from Indonesia has further upended global food markets already shaken by Russia’s invasion of Ukraine. On Friday, Indonesian President Joko Widodo announced a ban on the export of palm oil, the most widely used vegetable oil in the world. The ban covered both crude and refined palm oil exports, which are crucial for goods ranging from shampoos to Nutella to fried foods. Soon after, Indonesia clarified that it would not ban exports of crude palm oil, only the refined versions. Then, on Wednesday, it reversed itself and stated that the ban would in fact include the export of crude palm oil. The government implemented the export ban to mitigate rising food prices and to quell local unrest, but the fallout may upend the country’s economy anyway, while forcing global prices even higher.
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