The rise in palm oil prices, and what Indonesia has to do with it : Planet Money : The Indicator from Planet Money Prices for cooking oil have spiked around the world. You can point to drought and, more recently, the war in Ukraine for reasons why. But palm oil prices were on the rise before those production shocks. Today, we look into the palm oil price mystery.

The palm oil price mystery

The palm oil price mystery

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People line up to buy cooking oil in Palembang in February 2022, following the shortage of crude palm oil in the country. AFP via Getty Images hide caption

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AFP via Getty Images

People line up to buy cooking oil in Palembang in February 2022, following the shortage of crude palm oil in the country.

AFP via Getty Images

Prices for cooking oil have spiked around the world. You can point to drought and, more recently, the war in Ukraine for reasons why. But palm oil prices were on the rise before those production shocks.

We take a look at Indonesia, the world's largest producer of palm oil, and how Indonesian President Joko Widodo has tried to stabilize palm oil prices at home. His latest move, an export ban, pushed global prices of palm oil even higher.

But could domestic policies and politics in Indonesia also be playing a role?

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