The Choke Point Chart: how oil, LPG/LNG, fertiliser and grain all run through the same handful of chokepoints.
David Roche's latest read maps the ME energy deficit (18mn bbl/day, plus 30% of global LPG/LNG) against the Black Sea grain shortage, and the "umbilical cord" linking the two through fuel and fertiliser. A Super El Niño overlay adds a further 3 percentage points on top of existing inflation, pushing headline inflation above 5%.
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