We know that the war in Ukraine has led to sharp increases in prices for both food and fuel. This in turn has sparked concern that we may see a repeat of the famine and food riots that took place in 22 countries in the years following the global financial crisis, caused by a perfect storm of rising commodities prices.
While US wheat farmers should be in a good position to help buffer some of the pain from agricultural disruptions in Ukraine and Russia, they are worried about inflation of another sort — in fertiliser.
The war is part of that problem, too. Russia was until recently the second largest foreign exporter of fertiliser to the US, providing 10 per cent of the total supply. But it is not the only reason prices are rising.
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