Europe will be hit hard by high energy and food prices. Europeans will suffer and this won’t be over very fast. But how about the poorer countries in our south? the whole of Africa will be hardest hit by a food crisis and so will quite a few Middle Eastern and Asian countries be. Europe is the first target for all those that can’t make a living in their own countries anymore. This does not augur well for things to be in the Old World. We ain’t seen nothing yet.
European fertilizer makers, including Yara International ASA, are cutting output because of surging natural gas prices, adding to the growing risks for global food inflation.