Food prices are set to keep rising because farmers cannot plant a normal spring crop, which is bad news for everyone who eats.

• Fertilizer prices doubled in the US even before the Iran conflict, and the fighting made the shortage of urea and nitrogen much worse.
• Farmers who do plant will get weaker crops that produce less and are more vulnerable to bugs and disease.
• Many farmers are switching to soybeans because they need less fertilizer, which will flood that market and leave other crops short.
• World hunger was already at a record high before the war, so any shortfall hits hard.
• US gas prices stay high because oil companies are allowed to sell oil abroad instead of selling it cheaper at home; Trump has said he does not care about gas prices.
• As living costs rise, people will cut back on 401(k) investments, which could eventually pull the stock market down.

Outlook: Expect higher food and gas prices through summer and fall, with housing still falling and stocks at risk if money keeps draining from household budgets.