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UN Warns of Critical Next Two Months
A United Nations study has concluded that governments around the world are facing diminishing options to protect consumers from rising food and energy prices, due to ongoing repercussions of the war with Iran, increasing borrowing costs, and worsening climate pressures brought about by the strongest El Niño on record. The report indicated that fuel subsidies could exceed one trillion dollars in a single year, and that government measures such as setting prices and providing support have become more challenging as oil prices approach $100 a barrel and borrowing costs rise. Data also showed that the actions taken by governments have helped reduce poverty, as without these measures, the number of poor people could have doubled by 130 million. The outlook remains uncertain as economic, climate, and political crises continue to intertwine.
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