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In the early months of 2022, fertilizer prices rose due to the impact of the Russia-Ukraine war. The increase in energy commodity prices also contributed to the rise in fertilizer prices, as some types of fertilizer use gas or coal as raw materials.
However, starting in May 2022, global urea fertilizer prices began to decline, as shown in the graph.
Citing World Bank data, the average global price of urea fertilizer had fallen to US$601 per ton in July 2022, lower than the January-February 2022 prices before the outbreak of the Russia-Ukraine war.
Although prices have begun to fall, the current price of urea fertilizer is still significantly higher than the average price over the past 10 years, which was only US$321 per ton.
The World Bank warns that high fertilizer prices could prolong the food crisis. They recommend that countries lift trade restrictions or export bans on fertilizers, use fertilizers more efficiently, and develop technologies to improve agricultural yields.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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