According to CoinMeta, the United Nations Food and Agriculture Organization (FAO) warns that with the ongoing conflicts in the Middle East and Russia-Ukraine, coupled with the effects of El Niño, costs are rising and crop yields are declining, potentially leading to a new wave of food inflation globally. Food prices were a major driver of the global inflation surge in 2022, but they have been relatively mild this year, even curbing inflation caused by rising energy costs in some regions. However, this calmness is likely to be temporary, as factors such as rising crude oil prices, fertilizer shortages in the Gulf region, diesel shortages in parts of the world, and extreme weather are pushing up costs. The FAO's Chief Economist Maximo Torero stated, "I expect commodity prices to start rising now, and food prices will begin to increase by the end of this year, with further increases certain to occur next year. It takes about three to six months for commodity prices to be reflected in final food prices." He added, "The issues with the Strait of Hormuz affect all agricultural inputs and systems; Brent crude oil is used for pumping, packaging, processing, and transportation, while natural gas is used for producing fertilizers."