1. Rising raw material costs: The main raw materials for cooking oil, such as soybeans, corn, and canola, are affected by many factors, such as weather, supply, and market demand. In recent years, due to global climate change, natural disasters, and epidemics, the production and supply of raw materials have been unstable, and prices have continued to rise.
2. Increased demand for biofuels: Biofuels are a renewable energy source, mainly processed from agricultural crops. As the global demand for clean energy increases, the production and demand for biofuels is also rising, which leads to an increase in the demand for edible oil raw materials, thus driving up prices.
3. Epidemic factors: The new crown epidemic has had a serious impact on the global supply chain, causing transportation costs and labor costs to rise. These factors combined to further push up the price of edible oil.
4. Inflation: In recent years, inflation has been a serious problem worldwide, with currency depreciation and price increases. As a necessity, the price of edible oil has also been affected by inflation and continues to rise.
5. Market speculation: speculation is also a factor that affects the price of cooking oil. When the market expects prices to rise, speculators may buy cooking oil in large quantities, further pushing prices up.
In short, there are many reasons for the continuous rise in edible oil prices, including rising raw material costs, increasing demand for biofuels, epidemic factors, inflation and market speculation. To solve this problem, it is necessary for governments, enterprises and consumers*** to work together to alleviate the pressure of rising prices through policy regulation, market adjustment and changes in consumption habits.