#tom kavanagh

One of the world's biggest fertiliser companies, Yara International, warned the conflict in Ukraine could hit its industry, further affecting food prices. Fertiliser prices had already been rising due to soaring wholesale gas prices. Russia also produces enormous amounts of nutrients, like potash and phosphate - key ingredients in fertilisers, which enable plants and crops to grow.

With food price inflation already at crisis point in some countries prior to the outbreak of hostilities in Ukraine, South African economist Wandile Sihlobo said he was worried about the potential consequences for grain-importing nations in Africa and beyond. Mr Sihlobo, chief economist at the Agricultural Business Chamber of South Africa said that while steep price rises may be a problem in the short-term, shortages of essential crops could follow. "Over time, depending on the length and the severity of this war, you could begin to see shortages of shipments that come to the African continent, and that could cause shortages. Particularly in the North African countries, and to an extent in East Africa. If you were to look at the global food price index, it was at multiple highs at the start of this year. This crisis already adds to that difficult environment for many consumers, particularly in the developing world."