Top Palm Oil Grower Indonesia Warns Inflation May Hit Prices
Indonesia, the world’s top oil palm grower, is finding it isn’t immune to the impact of soaring prices as it plans to subsidize cooking oil sold locally.
The government will spend 3.6 trillion rupiah ($250 million) of funds raised from palm oil export levy to temper cooking oil prices by paying for the price gap and scrapping tax on 1.2 billion liters of edible oil, Coordinating Minister for Economic Affairs Airlangga Hartarto said in a press briefing on Wednesday.
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