Indonesia bans palm oil exports as global food inflation spikes

In a video broadcast, Indonesia's President Joko Widodo said he wanted to ensure the availability of food products at home, after global food inflation soared to a record high following Russia's invasion of major crop producer Ukraine. (File pic shows an Indonesia vendor selling cooking oil in Jakarta. - AP)

JAKARTA:Indonesia, the world's top palm oil producer, announced plans to ban exports of the most widely used vegetable oil on Friday, in a shock move that could further inflame surging global food inflation.

The halting of shipments of the cooking oil and its raw material, widely used in products ranging from cakes to cosmetics, could raise costs for packaged food producers globally and force governments to choose between using vegetable oils in food or for biofuel. Indonesia counts for more than half of global palm oil supply.