Tech
The Other Reason Why Food Prices Are Rising
The United Nations’ worst-case scenario calculation is that food prices will rise by an additional 8.5% by 2027. Part of those higher costs is due to more expensive fertilizers as some have seen 300% price spikes over the past year, according to the American Farm Bureau. Farmers may be forced to pass those costs along to customers, resulting in higher grocery prices. Fertilizer is essential for crops. Without fertilizer, plants may not get the nourishment they need to result in the yields necessary to feed the global population. According to the International Fertilizer Association, we would only be able to feed about half of the global population without fertilizer.
Watch the video above to learn more about why the world is faced with a fertilizer crisis, supply chain woes, climate change impact and potential solutions on the horizon.
“Last year [fertilizer] was around $270 per ton and now it’s over $1,400 per ton,” Meagan Kaiser, of Kaiser Family Farms and farmer-director of the United Soybean Board, told NBC’s “Nightly News with Lester Holt.”
“It’s scary. It turns my stomach a little bit to think about the amount of risk that our family farm is taking right now.”
Farmers are trying to adjust to this new normal. When surveyed in spring 2022 about what they intended to plant, farmers said they were turning to more soybean, according to U.S. Department of Agriculture data, or a record 91 million acres of the legume. That may be because legumes don’t require as much fertilizer as corn to grow.
Spikes in fertilizer prices started when Russia invaded Ukraine in 2022.
“It’s amazing how dependent the world is on fertilizers from the region that we’re talking about Russia and Ukraine,” Johanna Mendelson Forman, adjunct professor at American University’s School of International Service, told CNBC.
The region is responsible for at least 28% of the world’s fertilizer exports, including nitrogen-, potassium- and phosphorus-based fertilizers, according to Morgan Stanley.
Also factoring into price spikes are rising natural gas costs.
“There’s a direct relationship with what we’re seeing in fuel prices and fertilizer prices,” Jo Handelsman, director of the Wisconsin Institute for Discovery at the University of Wisconsin-Madison, told CNBC.
That’s because fossil fuels are used in the manufacturing process of fertilizers — and is one of the reasons that they can contribute to climate change.
Plus, if farmers overuse fertilizers, the chemicals can run off into waterways, causing environmental damage, pollution and illnesses.
“I’m not saying that the fertilizer is bad … our soil naturally has nutrients,” Ronald Vargas, secretary of the Global Soil Partnership for the United Nations. “If [soil] is naturally depleted, then you need to find a way to make those nutrients available.”
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The Other Reason Why Food Prices Are Rising
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Chinese automakers have made over $100 billion in EV and battery investments abroad since 2019, according to Atlas Public Policy, far outpacing US firms. CNBC’s Robert Ferris has more on how the Asian country got here and why.
Chapter 1: What is happening – 01:18
Chapter 2: Why this matters – 03:05
Chapter 3: The future – 06:00
CREDITS:
Produced by: Robert Ferris
Shot and edited by:
Additional Editing: Darren Geeter
Animation: Jason Reginato, Emily Park
Senior Managing Producer: Tala Hadavi
Additional Footage: Getty Images, AP
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How China came to dominate the global EV factory boom
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Cisco buys tech startup AppDynamics one day before its IPO. Here’s what to expect next.
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Cisco Buys AppDynamics One Day Before Its IPO | Tech Bet | CNBC
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The AI race is shifting from who has the biggest model to who can run, control and deploy AI most effectively.
Perplexity CEO Aravind Srinivas joins to discuss the company’s new orchestrator model, why he’s building on open-source Chinese AI, and his argument that “token value per watt” may decide the next phase of competition.
Then, Benchmark general partner Peter Fenton and Ollama CEO Jeff Morgan discuss the rise of open models, why enterprises are increasingly running models they can download and control, and what Ollama’s growth says about where the AI ecosystem is heading.
Together, the conversations get at one big question: in AI’s next race, will the winners be defined less by model access and more by cost, control and compute?
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AI’s Next Race: Cost, Control, and Compute
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Federal Reserve Chairman Kevin Warsh is floating major revisions to the central bank’s approach to assets, productivity, data, inflation and public communications. To achieve this, Warsh has created 5 “task forces” while soliciting interest from individuals outside of the Fed. This presents an opportunity for a small unelected group to influence the broader U.S. economy and value of U.S. dollars circulating globally. CNBC’s Matt Peterson reports.
Credits
Reporter: Matt Peterson
Produced and Edited by: Carlos Waters
Camera by: Charlotte Morabito
Animation: Jason Reginato
Senior Managing Producer: Shawn Baldwin
Additional Footage: Getty Images
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Members of Congress are debating the future of AI regulation at a pivotal moment for the technology. In an effort to influence the next class of lawmakers, dueling super PACs backed by AI giants like OpenAI and Anthropic are pouring millions of dollars into the midterm elections. CNBC’s Emily Wilkins breaks it down.
CREDITS:
Reporter
Emily Wilkins
Produced by
Macklin Fishman
Additional Production
Karen James Sloan
Shot by
Mickey Todiwala, Fred Soffa
Edited by
Andrea Miller, Darren Geeter
Animation
Jason Reginato, Emily Park
Senior Managing Producer
Shawn Baldwin
Additional Footage
Getty Images
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