US Food Inflation Hits 7.9% as Fertilizer Shock Points to More Pressure

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US food and beverage company inflation rose 7.9% year over year in March, the biggest jump in at least 12 months. Urea roughly doubled since February to about $900 per metric ton, which adds pressure to farm input costs. Baker Hughes and a Dallas Fed survey both pointed to a prolonged Strait of Hormuz disruption, which could keep fertilizer supply tight.

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