[...] “You may still be seeing the inflationary impact of food industry costs for the next 12 to 15 months,” he said. [...] If this sounds hyperbolic, consider the importance of fertiliser. Some 40-50 per cent of the world’s food production depends on artificial nitrogen-based fertiliser, which is created by combining nitrogen from the air with hydrogen from natural gas to make ammonia. In turn, this is combined with either nitric acid or carbon dioxide to produce ammonium nitrate, or urea. The problem is that 34 per cent of global urea passes through the Strait of Hormuz, having been produced...