‘Makes Covid look like a tea party’: Australian food prices could rise for the next year, farmers warn

Australian farmers are warning consumers to expect higher food prices for at least the next year due to the US-Israel war on Iran. The conflict could disrupt supplies of fuel, fertilizer, and fossil fuel resins, which are essential for food production and packaging. According to Norco CEO Michael Hampson, a six to twelve month disruption to food supply is a best-case scenario. The severity and duration of the price increases depend on the reopening of the Strait of Hormuz and the stabilization of global petrochemical supply chains. The potential impact on food prices is described as significantly more severe than the COVID-19 pandemic.