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The extended closure of the Strait of Hormuz and extreme weather have jolted the price index for farm commodities to a two-year high as fertilizer headaches and the prospect of smaller harvests drive food inflation risks.
The Bloomberg Agriculture Spot Index, which tracks 10 of the world’s top-selling crop products, has climbed for a third straight month to the highest level since November 2023. That’s a pronounced shift from before the war, when most crop prices were weighed down by abundant inventory and bumper harvests.
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