130 million at risk of poverty from price hikes
The United Nations Development Programme warned that approximately 130 million additional people could face the risk of poverty by 2026 if energy and food price increases continue without mitigation measures. This is especially true in developing countries that are affected by rising fuel costs, the impacts of climate change, and the declining capacity of governments to support households. The report indicated that higher fuel and food prices are increasing living expenses and threatening food security in South Asia and Africa. It is also projected that global fuel subsidies will exceed one trillion dollars this year, while countries' ability to allocate resources for development and essential services diminishes. The report called for targeted financial aid to affected households instead of costly universal support, and for affordable financing to help countries manage crises. It emphasized that the 130 million figure represents an estimated number of people who could fall into poverty as a result of rising prices.
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