JPMorgan Chase published its latest research report, "Food Security Is National Security: A Compound Storm," on August 15, stating that the "five factors" of war, weather, storage, water resources, and waste are simultaneously tightening global food supply. The bank expects global food inflation to accelerate from 2.8% in the first half of 2026 to 5% in the first half of 2027. The report warns that the ongoing disruptions in the Strait of Hormuz and a potentially record-breaking super El Niño are exacerbating fertilizer and food price pressures, which will weaken crop yields and compress agricultural production capacity.