“The World Bank’s fertilizer price index remained relatively stable during the second quarter of 2024, following a 20 percent drop in the first quarter. The index is 24 percent lower than it was a year ago, primarily due to a significant decline in phosphate rock prices (-56 percent) and potassium prices (-17 percent). This broad weakness is attributed to improved production prospects driven, for the most part, by lower input costs. In the second quarter of 2024, the fertilizer affordability index (the ratio of fertilizer prices to food prices) reached its 2015-19 average level.”

From World Bank.