Whether at the macro or micro level, 2016 has been full of surprises. The latest casualty to the ravages of time can be found right in your kitchen cupboard —cooking oil.  One of the most basic of household items is now fast becoming something akin to liquid gold.

As of December 1st, the Chamber of the Oil Industry of the Argentine Republic (CIARA) announced that there will be a 6% increase in the price of cooking oil. This comes as the fifth and final instalment of the 30% increase pact agreed between the cooking oil companies and supermarket chains under the guidance of the Secretariat of Commerce since August.

Overall, this means that oil has seen a rise in price by an astounding 160% – and that’s just over the past calendar year.

Relief doesn’t seem to be coming anytime soon. The price of sunflower, corn and mixed oils, will also be affected because the Government has been gradually phasing out a pact that subsidised their domestic market value since July.