Indonesia's Soaring Food Prices: Can Export Bans Ease Food Inflation? | Insight

Earlier this year in April, Indonesia banned the export of palm oil, joining more than 20 countries that have banned the export of various food products. Although the ban was short-lived, it caused vegetable oil prices to spike worldwide.
While the ban succeeded in bringing down the price of palm oil in Indonesia, palm farmers in the world’s largest producer bore the brunt of the ban, as the price of raw fruits plunged.
At the same time, wheat bans elsewhere led to the rising price of grains in Indonesia.
Will food export bans become more common as countries seek price stability amidst inflation pressures? And does food protectionism really improve food security?
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