Short-term policy considerations to respond to Russia-Ukraine crisis disruptions in fertilizer availability and affordability

As discussed in an earlier post, fertilizer prices have increased drastically, up 230% between May 2020 and May 2022. Now — driven upward by supply disruptions stemming from the Russia-Ukraine conflict — they are nearing the peak reached in August 2008 during the last major food price crisis. Spiking fertilizer prices are likely to have major impacts on agriculture and food production — and thus, food security — around the world, as farmers struggle to pay for a key input and face potential supply disruptions, and governments look for ways to cushion the economic blow.