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Sep 21, 2021
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A new reason for the rise in food prices in the world is named


A record increase in fertilizer prices over the past 10 years was called the new reason for the rise in food prices, Bloomberg reports.

According to an analyst at VTB, Elena Sakhanova, the price of three main groups of fertilizers – potassium, phosphorus and nitrogen – are at a record level over the past 10 years, which seriously affects global food inflation.

Corn will be hit hardest by price increases. Fertilizers account for about 20 percent of the cost of growing it. A poor corn harvest will translate into higher feed costs, which will ultimately lead to higher meat prices. Juices and sodas can also rise in price as corn is their main ingredient. Corn sowing in 2022 is expected to decline to 36.8 million hectares from the current 37.8 million.

A record increase in fertilizer prices over the past 10 years was called the new reason for the rise in food prices, Bloomberg reports.

According to an analyst at VTB, Elena Sakhanova, the price of three main groups of fertilizers – potassium, phosphorus and nitrogen – are at a record level over the past 10 years, which seriously affects global food inflation.

Corn will be hit hardest by price increases. Fertilizers account for about 20 percent of the cost of growing it. A poor corn harvest will translate into higher feed costs, which will ultimately lead to higher meat prices. Juices and sodas can also rise in price as corn is their main ingredient. Corn sowing in 2022 is expected to decline to 36.8 million hectares from the current 37.8 million.

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