Indonesia:

Palm oil surged to a record on speculation supplies for food and alternative fuel will be limited after Indonesia, the world's biggest producer, announced it would raise export taxes if prices climb further.

India:

No sooner did Indonesia signal higher export taxes on palm oil than India said it may cut import duty.

The moves by the two governments highlight the struggle to contain living costs for their 1.3 billion people. Prices of palm oil and its rival soybean oil hit records today.

Pakistan: 

Prices of edible oil may spiral out of control in coming days because of an increase in the price of palm oil in the international market, triggered by extraordinary Chinese purchases. More than half (56 per cent) of Pakistan's cooking oil and ghee are made from palm oil.

For more on what's behind this trend, check out the new column by FP editor in chief Moisés Naím, "Can the world afford a middle class?" His answer: Probably, but it's going to be painful and have unpredictable, wide-ranging effects.