WASHINGTON, April 28. /TASS/. The World Bank expects fertilizer prices to increase by 31% this year, according to its latest report on commodity market outlooks.

The document noted that fertilizer prices rose by 12% in the first quarter of the year. On a monthly basis, fertilizer prices in March 2026 reached their highest levels since 2022, World Bank experts emphasized, adding that the increase was largely driven by the closure of the Strait of Hormuz. They also stressed that the rise in fertilizer prices was primarily influenced by an increase in urea prices.

Fertilizer prices are projected to rise by 31% in 2026 due to a 60% surge in urea prices, the report said. According to World Bank estimates, fertilizer affordability will decline to its lowest level since 2022, reducing farmers’ incomes and putting future harvests at risk.

At the same time, the World Bank expects a record 19% increase in prices for ferrous and non-ferrous metals this year due to the US-Israeli military operation against Iran.

Prices for ferrous and non-ferrous metals are projected to rise by 19% in 2026, while prices for aluminum, copper, and tin are expected to reach record highs in 2026 before beginning to decline in 2027, while remaining close to record levels, the bank’s experts noted.