The World Bank is reporting that increased conflict in the Middle East could drive up the cost of food and fertiliser.
The bank's latest commodity market assessment also flags liquefied natural gas (LNG) prices as a point for concern.
Twenty per cent of global LNG trade transits the Strait of Hormuz.
The World Bank says, if the LNG supply is interrupted, fertiliser prices would also rise substantially, likely driving up food prices.
The Bank's baseline forecast, however, is for overall food prices to decline somewhat by an average 6 per cent in 2024 and 4 per cent in 2025.
Fertiliser prices are expected to fall by 22 per cent in 2024 and 6 per cent in 2025.
All feeds
