Prices for raw materials are up 30% in USA and United Kingdom that's impact on global economy.
Supply shortages fueled by the Ukraine-Russia conflict have driven fertilizer prices to record highs.
Russia and Ukraine are among the most important producers of agricultural commodities like Fertilizers in the world.
Let us tell you that trade between Russia and the rest of the world has not stopped, but has been badly disrupted.
The impact of rising fertilizer prices on the global economy
Here’s what that means for the global economy
Prices for raw materials that constitute the fertilizer market like ammonia, nitrogen, nitrates, phosphates, potash and sulphates are up 30%
According to the UN Food and Agriculture Organization, in 2021, Russia is the world's top exporter of nitrogen fertilizers
Russia, which accounts for around 14% of global fertilizer exports, has temporarily suspended outgoing trade, which is expected to have a strong ripple effect across global food markets.
Economies around the world are already dealing with historically high inflation driven largely by soaring food and energy prices.
The U.N. Food and Agriculture Index shows food prices are at an all-time high, and Lawson suggested that a prolonged period of fertilizer shortage will affect longer-term farming yields.
Fertilizer prices just hit a record high sparking fears of global starvation and the worst food insecurity level since World War II