The World Has an Anchovy Problem

One of the world’s current hottest commodities is in the midst of a huge disruption. It may sound like I’m talking about oil and the blockade of the Strait of Hormuz, but this is even more severe. The supply shock is far greater — and so is the price response: Global production has plunged as much as 40% from a year ago; prices are up 80% over the same period to an all-time high. The commodity in question? The humble anchovy.