Eurozone food prices may rise due to climate changes

The Oxford Economics Institute forecasted a significant rise in food prices across the Eurozone due to climate fluctuations, with an expected annual increase of 1.6 percentage points in prices. This is projected to contribute approximately 0.6 percentage points to core inflation. The study indicated that natural disasters and heatwaves could lead to crop deterioration and disrupt supply chains. Meanwhile, the FAO warned of an immediate food shortage and declining production resulting from the war on Iran, which has driven up energy prices and caused logistical disruptions.

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