Farmers around the world feeling pinch from higher prices

Rising prices are hitting food supply chains and high fertilizer costs are weighing on farmers across the developing world, the Wall Street Journal reports. That is forcing many farmers to cut back on production, signaling global food-price bills could go higher this year after hitting decade highs in 2021. The sector is being hit in part by global energy costs, which can flow through into fertilizer prices. Major fertilizer producers including China, Turkey, Egypt and Russia have also curbed exports, further dimming supplies. Farmers in the U.S. are feeling the pinch, but the impact is likely worse in developing countries, where small farmers have limited access to bank loans. Rising prices and diminished food shipments would exacerbate hunger, which is already acute in some parts of the world.

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