Citi Research warns that El Nino and Strait of Hormuz risks could drive global food inflation higher in the coming months.

The closure of the Strait of Hormuz is not a temporary disruption but the start of a systemic shock to global food prices, the U.N. food agency said Wednesday.

UN FAO cautions that a Hormuz shutdown and El Niño could disrupt fertiliser supplies, slash crop yields and fuel global food inflation in 6–12 months