Peru's agricultural industry is facing a shortage of 180000 tonnes of urea and production of staples such as rice, potatoes and corn will fall by as much as 40 per cent unless a solution is found in the coming months, according to Eduardo Zegarra, an agricultural economist and think-tank researcher. In addition, food producers have warned that fertilizer shortages could cause famine in Peru.

Fertiliser prices are reported to have soared after the escalating conflict between Russia and Ukraine pushed up the cost of natural gas, the main ingredient of most nitrogen fertiliser, forcing some European producers to cut production.

Markets are also concerned that potential western sanctions against Russia could disrupt global trade. It is understood that Russia is a large low-cost transportation country for all kinds of major crop nutrients. Last year, Russia accounted for 70% of Peru's fertiliser production.

Climaco Cardenas, president of the Peruvian Agricultural Association, said: "for millions of people across the country, hunger is a problem today."

At the same time, agricultural economist Zegarra also said that the fertilizer crisis is one of the national security issues, and if Peru does not buy urea from other places in the coming months, it will be a disaster in the farming season.

In addition to Peru, an Indian rating agency estimates that due to the impact of the conflict between Russia and Ukraine on fertilizer supply, coupled with rising prices of various raw materials, India's demand for fertiliser may increase by 3% this fiscal year. Fertilizer subsidies could reach a record 1.65 trillion rupees.

The surge in fertilizer prices will also lead to the production of rice, one of the world's most important staple grains.

It is reported that almost half of the world's population depends on rice as the staple food. however, farmers are extremely vulnerable to rising fertilizer prices. in order to save costs, they will choose to reduce the use of chemical fertilizers, and farmers will choose to reduce the use of chemical fertilizers in order to save costs.

The International Rice Research Institute warned that next season's rice harvest could fall by 10 per cent, equivalent to about 36 million tonnes of rice, enough to feed 500m people because of soaring fertiliser prices.

Humnath Bhandari, a senior agricultural economist at the institute, said the 10 per cent decline in global rice production was a "very conservative estimate". In response, he believes that if the conflict between Russia and Ukraine continues to ferment, fertilizer prices remain high and the supply is limited, then the reduction in rice production may be even more serious, which may trigger a global food crisis.