Guyanese continue to face skyrocketing living costs at every turn, and recent spikes in the price of fertilizers threaten to make it worse. Global prices for fertilizer stand at about 2.5 times their 2020 levels and are rising quickly.
While many inflated prices today are directly connected to the Russian invasion of Ukraine, the current skyrocketing fertilizer prices were already on a steep climb long before that conflict began. Many farming unions blame the lack of competition in the production of fertilizer where very few producers dominate the market.
The spike in fertilizer cost is one of the main issues highlighted by rice farmers who have been protesting proposed cuts to the selling price of their paddy. Many of them argued that, when paddy price cuts are combined with the high price of fertilizer, they would be sent out of business.
Food prices have been the main driver of inflation over the past few months and that trend is set to continue as the cost of farming continues to go up.
More, In the Ring.
