Inflation in US Food and Beverage Sector Hits 7.9% in March

Inflation in the U.S. food and beverage sector surged by 7.9% year over year in March, marking the largest increase in at least 12 months. According to NS3.AI, this rise is partly attributed to the doubling of urea prices since February, reaching approximately $900 per metric ton, thereby increasing pressure on farm input costs. Additionally, reports from Baker Hughes and a Dallas Fed survey indicate that ongoing disruptions in the Strait of Hormuz could further tighten fertilizer supply.