"With the Strait of Hormuz closed, red diesel prices have dramatically increased. Farmers are now dealing with rising input costs across the board."
"All of this increases the cost of production. That will ultimately have consequences for food inflation, impacting the vast majority of people doing their weekly shopping."
Farmers in Britain are experiencing a cost crisis as fuel and fertiliser prices rise sharply due to the conflict involving Iran. Red diesel prices have surged by 55% since February, with some farmers facing prices as high as 135p per litre. Disruptions in the Strait of Hormuz have impacted global energy and chemical supplies. Fertiliser prices, particularly ammonia, have also reached a three-year high. These rising costs, combined with weak crop prices, threaten the financial stability of farms and could lead to increased food prices for consumers.
Read at London Business News | Londonlovesbusiness.com
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