The latest consumer price index (CPI) data showed a 14 per cent rise in the price of cooking oil in the past year and analysts say that's just the start.
Just like petroleum and gas, vegetable oil is a globally traded commodity that follows international pricing.
"Prior to that, we were already seeing prices that were double the five-year average," Ms Kalisch Gordon said.Before the war, Ms Kalisch Gordon said, canola supply was already being hit by drought in key producers, including Canada. "We've had production increasing at a slower rate than consumption increase. We've got a strong biodiesel market that is growing internationally," she said.
Peter FItzgerald has never seen price hikes on edible oil like those he is currently dealing with at Cookers.The national company buys canola and olive oil from refineries across Australia and overseas, including recently from Ukraine until the invasion. It is subject to whatever prices its suppliers pass on.
He's forecasting price hikes on everything from moisturiser to lipstick, largely in part due to the extreme increases he is seeing on oils such as almond.
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