Hormuz Strait Disruptions Could Push Grain Prices Up By 80%, ICC Warns
Disruptions to cargo shipments through the Strait of Hormuz are increasing risks to global food security.
The International Chamber of Commerce (ICC) has warned that a prolonged disruption could lead to significant increases in fertilizer and grain prices.
A decline in fertilizer supplies could raise agricultural production costs, putting additional pressure on food prices, according to the report.
The ICC has warned that if the crisis in the Strait of Hormuz continues, grain prices could increase by as much as 80%.
Countries that rely heavily on imports to meet their fertilizer needs are particularly vulnerable to supply disruptions.
The ICC also highlighted other risks that could affect global agricultural production and food supplies. Difficulties facing Black Sea shipments due to the Russia-Ukraine war, along with unfavorable weather conditions caused by the El Niño phenomenon, are creating additional risks for agricultural production.
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