Fertilizer giant Yara International ASA has announced that it is drastically slashing European output as the energy crisis continues to worsen.
The company revealed Thursday that third-quarter ammonia output was slashed due to skyrocketing natural gas prices.
The move puts even more upward pressure on food inflation as the cost-of-living crisis worsens.Many experts are now raising the alarm about future food harvests as farmers can no longer afford to buy fertilizer as prices soar.The Norwegian producer said ammonia output in the quarter dropped to 57 percent of capacity in Europe, plunging from 81% in the previous quarter.It warned output could collapse […]
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