Spiking fertilizer prices spiking over the last two years is contributing to current rising food inflation, says Theresa Sisung, an industry relations specialist for the Michigan Farm Bureau.
Record 40-year-high inflation is biting into Michiganders’ budgets from more expensive cars, higher energy costs, and higher prices at the grocery store, and it’s no different for farmers who tend roughly 47,600 farms in the Wolverine state that house nearly 10 million acres of farmland.
Monday morning on The Tennessee Star Report, host Leahy welcomed the original all-star panelist Crom Carmichael in studio for another edition of Crom’s Crommentary.
Friday morning on The Tennessee Star Report, host Leahy welcomed the original all-star panelist Crom Carmichael in studio for another edition of Crom’s Crommentary.
Soaring fertilizer prices across the globe have impacted farmers making it more expensive to produce food and forcing them to cut back on production, The Wall Street Journal reported.
Diammonium phosphate, or DAP, a common component of fertilizer, cost $745 per metric ton in December 2021, more than double its average 2020 price, the WSJ reported.
Higher fertilizer costs could translate into increased food prices in the next year, worsening global hunger after the pandemic caused massive job losses and further growing inflation, the WSJ reported.