Fertilizer Price Index

US Producer Price Index for fertilizer materials (1982=100, monthly from 1933). Covers nitrogen, phosphate, potash, and mixed fertilizers — the three primary crop nutrients. Fertilizer prices are driven by natural gas (urea/ammonia production), phosphate rock mining, and potash mining. The 2022 surge to all-time highs — up 3x in 18 months — was triggered by the Russia-Ukraine war: Russia and Belarus supply ~40% of global potash and Russia ~15% of ammonia. Food security and geopolitics are inseparable from fertilizer prices.