Powerful property and farming firm Grosvenor Group says knock-on effect of Iran war could arrive next year

Fertiliser shortages caused by the Iran war have driven up costs for UK farmers by up to 70% and will have a “dramatic” impact on food prices globally next year, according to one of Britain’s most powerful property and farming companies.

Mark Preston, executive trustee of the 349-year-old Grosvenor Group, controlled by the Duke of Westminster, said fertiliser “was already quite expensive” before the 50% to 70% surge in prices since the start of the Iran war in late February.

Shoppers concerned about effect of Middle East conflict, as UK retailers say government running out of time to cut costs

Four in five people are worried that the Iran war will make food more expensive, according to a new poll, as businesses warned the “window is closing” for ministers to cut energy costs for UK retailers.

Research by Opinium found that 80% of people are worried about the rising price of groceries, which would come from retailers passing on cost increases to consumers, while 73% expect the conflict to push up prices of other products.

Karex produces more than 5 billion condoms annually and is a supplier to leading brands like Durex and Trojan, as well as the NHS

The world’s top condom producer, Malaysia’s Karex Bhd, plans to raise prices by 20% to 30% and possibly further if supply chain disruptions drag on due to the Iran war, its chief executive has said.

Karex is also seeing a surge in condom demand as rising freight costs and shipping delays have left many of its customers with lower stockpiles than usual, CEO Goh Miah Kiat told Reuters in an interview on Tuesday.