The Russian-Ukrainian war continues to trigger a chain effect. Coupled with the new crown virus epidemic, the long-term unstable supply chain has been hit again. The impact of the impact on the price of Hong Kong has been rising, and the price of edible oil, one of the "seven things to open the door", has quietly increased in the first quarter. 10%, some supermarkets suddenly increased by 6.7% to 9.2% this month, and some grain and oil importers expected to increase by up to 20% in the whole year.
Ukraine is a major agricultural exporter, and the industry is worried that the war will lead to another surge in global food prices. In addition, under the shadow of the US interest rate hike, restaurants cannot rule out price increases of more than 10% in the second half of the year.
Only restaurants are reluctant to pass the cost on to diners, and it is estimated that they will lose about 5% of their profits.
Inflation｜The price of Chao Leshi potato chips has increased by 22% in half a year, and the price of peanut oil has increased by nearly 9% in the same period. The price of mango coconut milk is still more than 10 after the yearly increase
The knock-on effect of the Russian-Ukrainian war affects the supply of edible oil
Since the outbreak of the epidemic, due to the uncertainty of shipping and air transportation, the cost of logistics and transportation has greatly increased, so that the prices of necessities such as food and household appliances have continued to rise.
The situation has worsened after the war between Ukraine and Russia. Several supermarket chains in the UK have recently restricted customers to a maximum of two to three bottles of cooking oil at a time.
The bad news continues. Indonesia, the world's largest palm oil producer, also announced last week that it will suspend the export of palm oil and its raw materials to curb the shortage of domestic edible oil supply and soaring prices, which may further impact the price of global edible oil, and then affect the food supply.
Grain and oil importers: relying on the mainland's food supply to curb soaring prices
Li Fengnian, the head of the grain and oil importer Tongtai Bank, said that the main edible oils in Hong Kong households are peanut oil, rapeseed oil, etc.; restaurants use cheaper vegetable oils; as for palm oil, which is commonly used for industrial purposes, he believes that it will not affect the consumption of Hong Kong. supply of oil.
Due to the unstable shipping schedule, it is necessary to increase the number of orders to maintain a stable supply, and the cost of warehouse goods will increase accordingly. At the same time, under the fifth wave of the epidemic, a large number of delivery drivers have been diagnosed, and the price of incoming goods has risen, which eventually led to the price of edible oil. The year-to-date increase has reached 10%, and it is expected to increase by up to 20% for the whole year.
Li believes that the sufficient food supply in Hong Kong depends on the backing of the mainland to curb the rise in prices.
However, other countries rely on supplies from other countries, such as energy, food, etc. When the epidemic or war occurs, it will affect the price stability.
Being close to the mainland is our advantage. With 1.4 billion people in China, we have been able to withstand it.
Li Fengnian, head of Tongtai Bank
Screenshot of the Consumer Council's "Online Price List".
Corn oil up 6.7% in a month
According to the Consumer Council's "Online Price List", the price of edible oil has increased significantly. For example, compared with the price of "Lion Ball Corn Oil 900ml" in one month, Wellcome Market Place by Jasons increased from RMB 90 to RMB 96; Good is from 92.9 yuan to 95.9 yuan, an increase of up to 6.7%.
If the increase is inferred, it is likely that the increase has exceeded 20% in less than half a year.
If you compare the lowest price of 87.9 yuan and the highest price of 96 yuan in supermarkets in the past month, the increase is even more 9.2%.
▼The flow of people in Mong Kok rebounded significantly on April 21▼
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Huangjiaheliu restaurants to increase prices by more than 10% in the second half of the year
Huang Jiahe, president of the Food and Beverage Association, said that the current food supply chain is unstable.
He pointed out that Ukraine is a big country of agricultural products and a suitable place for European food, such as edible oil and milk.
He revealed that some products had been affected by the Russian-Ukrainian war, including evaporated milk made from Ukrainian vegetable oil. He believed that the war would continue to affect the supply of some food products in Hong Kong.
In addition, he is also worried that the U.S. interest rate hike will bring earth-shaking effects to the world. He pointed out that the implementation of quantitative easing measures in the United States in the late 1990s caused the price of pork to triple; It is expected that food prices will continue to rise in the second half of the year.
He estimates that restaurants will increase their prices by more than 10% in the second half of the year to make up for the loss from the fifth wave of the epidemic and rising costs.
London restaurant: no price increase is already a price reduction
However, there are also restaurants that have no plans to increase prices for the time being. Su Wancheng, deputy general manager of the London Restaurant, said that peanut oil and rapeseed oil are more commonly used in restaurants. Because of their low solidification temperature, they are suitable for frying food.
One catty of peanut oil has risen by about 10% since the beginning of the year to 22 yuan.
But he is reluctant to pass the cost on to the diners, and it is estimated that he will lose about 5% of the profit. "At this time, the price increase is hundreds of pounds, and the price reduction is incompetent. If you don't increase the price, you will reduce the price."
▼April 14th Mongkok London restaurant lunch situation▼
Inflation｜The price of Chao Lay’s potato chips has increased by 22% in half a year, and the price of peanut oil has increased by nearly 9% in the same period. The price of rice has doubled in 20 years, and the new crown has not caused the SARS