Europe faces food price increase risk
The Oxford Economics Institute has warned that extreme weather events and increasing climate volatility will lead to higher food prices in the Eurozone at a rate exceeding that of the G7 countries. An annual increase in prices of up to 1.6 percentage points is expected, which could raise the core inflation rate by approximately 0.6 percentage points. Climate disasters such as heatwaves and droughts result in crop deterioration and infrastructure destruction, leading to supply chain disruptions and rising food costs. This situation is putting pressure on central banks to raise interest rates to combat inflation.
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