"Fertiliser was already quite expensive before the 50% to 70% surge in prices since the start of the Iran war in late February. The effective closure of the strait of Hormuz has throttled global supplies of fertiliser, crucial to growing food crops."
"Although UK crops were unlikely to be affected this year as most fertiliser had already been used, the knock-on effect could arrive next year. Farmers are not buying that fertiliser, they're sitting on their hands and hoping things will improve, which they probably won't."
"It's going to be a very, very dramatic problem for the world, not just the UK in terms of food, just because so much fertiliser comes through those straits. The concern is at least as much, if not more, around food and fertiliser than it is around oil."
The Iran war has caused significant fertiliser shortages, driving up costs for UK farmers by 50-70% since late February. The effective closure of the Strait of Hormuz has throttled global fertiliser supplies critical for food crop production. While UK crops are unlikely to be affected this year as most fertiliser has already been applied, the impact will arrive next year as farmers delay purchases hoping for price improvements. The Grosvenor Group, a major UK farming company, warns this will create dramatic global food price increases. Farmers have some flexibility by shifting to spring cropping instead of winter cropping, but the magnitude of food price increases depends on when the Strait of Hormuz reopens.
#fertiliser-crisis #iran-war-impact #food-price-inflation #agricultural-supply-chain #strait-of-hormuz
Read at www.theguardian.com
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