ICYMI: El Nino is back. Resultant floods and fires will damage crops and infrastructure and augur inflation and rate hikes. Worse, climate change makes such events stronger and more frequent, embedding supply shocks, says AntonyMCurrie
. Its appearance usually results in, or exacerbates, floods, heatwaves, water scarcity and wildfires, especially in the southern hemisphere. The damage these inflict on crops and infrastructure is inflationary, putting pressure on central banks to tighten monetary policy. If climate change makes such events stronger and more frequent, supply shocks will become embedded.
Oceania felt some of those effects during La Nina. A second consecutive year of floods in Australia contributed to food inflation rising at an annualised rate of 9% in the three months to September 2022, its highest level since 2006, per Rabobank. Meanwhile, New Zealand’s fruit and vegetable price index spikedin March, a month after cyclone Gabrielle hit.
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