In addition to proposed sanctions, Russia urged domestic fertilizer producers to reduce exports .
“Natural gas is also a major input for making nitrogen fertilizer.”
Drought in Brazil
For more details, please read Fertilizer Prices Hit New Highs, as Russian Invasion “Exacerbating a Food Shortage”.
Formula for inflation = higher fertilizer prices + higher prices for crops + higher transportation costs + the majority of prices increases passed to the consumer.
In the US, consumer spending represents nearly 70% of GDP.