The erosion of purchasing power leads to evolving consumption patterns. Despite a deceleration in inflation, consumers still grapple with constrained purchasing power, prompting a continued preference for home-cooked meals as the most cost-effective option.
The revival of the foodservice industry, while underway, has not yet fully rebounded to pre-pandemic levels. While olive oil consumption has already returned to 2019 levels, the recovery for other edible oils is expected to be a gradual process extending into 2023.
Olive oil stands out as a category benefiting from the VAT reduction, dropping from 6% to 0% between April and October 2023. Although overall inflation rates have decreased, inflation in food products remains high.
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Edible Oils
This is the aggregation of olive oil and vegetable and seed oil (which comprises of corn oil, palm oil, rapeseed oil, soy oil, sunflower oil, and other edible oil). Please note blended oil that contain over 50% of one type of oil are categorised in that category, e.g. blended oil with 60% soy oil is categorised in soy oil; whereas blended oils with less than 50% of a specific type of oil are categorised in other edible oil. Includes: Pre-packaged edible oils products purchased by consumers through legally established retail channels. Excludes: Unpackaged/bulk oils, i.e. instances where consumers bring an empty container or plastic bag to be (re)filled with cooking oil. Example: Minyak curah in Indonesia.
See All of Our DefinitionsThis report originates from Passport, our Edible Oils research and analysis database.
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