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While the drivers of the soaring food prices are complex and variable, what is certain is that damaged supply chains and pandemic-related disruptions have had a significant impact, especially on small businesses.
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The price index for edible oil crops (such as soybeans, peanuts and sunflower seeds) has increased significantly since March 2020, driven mainly by a 16.9% spike in vegetable oil prices from 2019 to 2020.įAO price indices for oilseeds, oils and meals from 2012 to 2021 (Photo courtesy of the report from FAO Oilseeds, Oils & Meals. The global food prices rose by 33% in September 2021, compared to last year, according to the UN Food and Agriculture Organisation (FAO)’s monthly Food Price Index. “A carton of green onions used to cost me around $10, but now it’s up to over $30, and a barrel of cooking oil which used to cost $12 is now over $40.” “Prices have more than tripled,” Feng explained. This meant that while the volume of orders was reduced, his profit per order also shrank severely. With customers already scarce because of pandemic-related restrictions, he could not afford to double the price tag on his dishes. The restaurant, which has served Cambodian and Chinese dishes since the 1990s, has had operating costs rise higher than ever before. (Photo by Jocelyn Siyu Zhang) By Jocelyn Siyu Zhang Novemat 8:31 pm PDTĪ shortened staff and a soaring food bill has been a primary concern for Wenbin Feng, the third generation owner of Golden Lake Eatery in Chinatown. Mid-Autumn Festival in Chinatown on Sept.