A report from Iowa State University says fertilizer prices are four times higher than they were in 2020. While crop prices have doubled during the same period, higher fertilizer prices are contributing to rising costs in farm country.
Iowa’s Attorney General requested the ISU report in February 2022 while questioning the justification of higher prices. Yahoo News says the six economists who wrote the report found no conclusive evidence that fertilizer companies are artificially inflating prices. The 58-page report says price increases are tied several factors, like supply chain disruptions, disease outbreaks, and many other factors.
“We aren’t saying there’s no market manipulation at all,” says Chad Hart, an ISU economist. “We just can’t tease out if it was one of the components.”
The ISU Center for Agricultural and Rural Development says researchers need more data to determine if companies are raising prices far beyond the level needed to offset rising costs.