By Zoila Palma: The prospect of an exceptionally strong El Niño event is raising fresh concerns across the Caribbean, with the Economic Commission for Latin America and the Caribbean (ECLAC) warning that the climate phenomenon could drive up food prices, strain electricity systems, increase poverty and cause significant economic losses across the region.
In a special report released September 23, ECLAC warned that an extreme El Niño could result in cumulative economic losses of at least 2% of regional Gross Domestic Product (GDP) over three years, with half of those losses occurring during the first year following the event.
The Commission also estimates that declining household incomes could push up to 4.8 million additional people into poverty by the end of the decade, compared with a scenario without El Niño.
The potential economic impact comes as global food prices are already rising. The United Nations Food and Agriculture Organization reported that global food prices in August reached their highest level since 2022, as major crop-producing countries faced growing impacts from the climate event.
Experts have warned that shortages and production disruptions could further increase the cost of food, particularly for vulnerable populations.
Among the commodities facing potential supply pressures are rice, wheat, coffee, cocoa, chocolate and sugar.
Experts cited in the report estimate that global food prices could rise by the mid-teens percentage range, with some forecasts suggesting the effects could last up to two years.
The post International News: El Niño could push up food prices, hit Caribbean Economies appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Zoila Palma: The prospect of an exceptionally strong El Niño event is raising fresh concerns across the Caribbean, with the Economic Commission for Latin America and the Caribbean (ECLAC) warning that the climate phenomenon could drive up food prices, strain electricity systems, increase poverty and cause significant economic losses across the region. In a
The post International News: El Niño could push up food prices, hit Caribbean Economies appeared first on Belize News and Opinion on www.breakingbelizenews.com.
