Fertilizer prices have doubled in two months. The increase will lead to a sharp increase in food prices in Norway.
Experts in agricultural economics confirm that the price increase for artificial fertilizers, a very energy-intensive product, will have major consequences in 2022.
“In Norway, we have been used to a 2-3% price increase on food per year, but I think it can quickly become 5-10% on average for all foods this year,” Christian Anton Smedshaug, general manager at Agri Analyze, told Norwegian Broadcasting (NRK).
He pointed out that the price increase has a completely different effect on rich countries and developing countries in the world. Farmers in developing countries will not be able to afford to pay for the expensive fertilizer.
“In our part of the world, there will be higher prices, but in developing countries, there may be food shortages,” he said.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance
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