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THEY SAY INFLATION IS 3.7%. FERTILISER IS UP 60%. WHEAT IS UP 35%. GAS IS UP 34%. Guess which number made the news. This morning's inflation report says prices rose 0.6% in one month. 3.7% over the year. Now look at what you actually paid more for. Gasoline, up 34.2% in a year. Energy, up 20.4%. Airfares, up 22.4%. Gas alone was "over half" of September's rise. Their words, not mine. The report says groceries are up just 1.8%. Enjoy that number. It's about to change. The UN's world food price index just hit its highest level since 2022. Cereal prices are up 17% in a year. Here's the part nobody on the news connects. Guess where a third of the world's traded urea fertiliser ships through. The Strait of Hormuz. Since the war with Iran started in late February, urea exports from the countries that ship through it fell 83% in a year. Ammonia fell 75%. Those are the UN trade agency's April numbers. Qatar suspended urea production. Iran halted ammonia. By April urea cost about 80% more than in February. The World Bank expects it to average about 60% higher this year. And NOAA gives better than even odds of a very strong El Niño this winter. Cocoa, coffee and sugar are in its path. Farmers pay for fertiliser before they plant. You pay for it at the checkout, months later. Analysts expect the bigger hit in 2027. So when they tell you inflation is under control, ask which number they mean. The one they quote, or the one you pay? Every dollar in the bank already buys about 3.6% less than last September. The expensive part hasn't arrived yet. Exit with Bitcoin.