The closure of the Strait of Hormuz is not a temporary shipping disruption but the first stage of a systemic agricultural shock that will produce a severe global food price crisis within six to twelve months, the United Nations Food and Agriculture Organization warned Wednesday.
In a new advisory published May 20, FAO Chief Economist Maximo Torero said the window for preventive action is closing rapidly, with decisions being made now by farmers and governments on fertilizer purchases, crop choices, and import financing that will determine the severity of what follows. The FAO Food Price Index has already risen for three consecutive months, driven by high energy costs and wartime disruptions.
