- A farming group, the Grosvenor Group, controlled by the Duke of Westminster, has issued a warning about impending "dramatic" global food price increases due to significant spikes in fertiliser costs.
- Fertiliser costs for UK farmers have surged by up to 70 per cent since the conflict in Iran began, primarily due to the closure of the Strait of Hormuz, which has also led to jumps in fuel prices.
- The British Retail Consortium (BRC) has also cautioned that supermarkets are currently absorbing substantial extra costs stemming from the Middle East conflict, which they anticipate will inevitably be passed on to consumers.
- Although farmers are presently utilising older fertiliser stocks, delaying the immediate impact on store prices, the full effect of these increased costs is expected to hit next year, with limited alternative sources for nitrogen, a key fertiliser component.
- Despite a slight decrease in shop price inflation in April, industry bodies such as the Food and Drink Federation and the Bank of England predict significant future food inflation, potentially reaching 10 per cent this year and 7 per cent by 2027.
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