00:00The Iran war is about to hit American grocery aisles in a way most families never saw coming.
00:06The Strait of Hormuz isn't just an oil choke point.
00:09It's also the main route for fertilizer shipments, including urea and ammonia used by U.S. farmers.
00:15With natural gas prices spiking, fertilizer production costs have already doubled in some markets.
00:22Industry analysts say American food prices could jump another 7 to 12 percent in the next three months.
00:29Meat, dairy, and bread are most exposed, since each depends on grain that depends on fertilizer.
00:35The USDA is already warning that summer corn and soybean yields could fall in key Midwest states.
00:41More than 30 million American households spend over 15 percent of their income on food, and they will feel this
00:48first.
00:49Some restaurants are already raising menu prices to cover beef and chicken cost spikes.
00:53Until the Strait reopens fully, every grocery run is going to get more expensive.
Comments