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El Niño Could Boost Food Prices
The article discusses the forecasts of an intensification of the El Niño phenomenon and its potential impact on global agricultural production, which threatens to drive up food prices during 2026-2027. The banking institution "Citi" predicts increases in the prices of key commodities such as sugar by up to 25%, corn by 17%, and wheat by 16%, amid possible reductions in production and heightened risks associated with drought, excessive rainfall, and rising agricultural input costs. These factors could transform surplus commodities into a global deficit, putting pressure on food markets. There is also concern about the interplay of climatic factors, rising fuel costs, and trade restrictions, all of which could further accelerate food inflation. This comes in the context of declining global reserves and forecasts indicating adverse effects on crops in major regions like India, Brazil, and Ivory Coast. Given these projections, the risks of climate change and economic challenges increasingly point towards a global wave of food inflation.
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