An exceptionally strong El Niño is raising food and fuel prices around the world, and the war in Iran is making it worse, according to Maximo Torero, chief economist at the UN Food and Agriculture Organization (FAO). His warning came…
FAO chief economist Maximo Torero told AFP that El Niño price effects "can emerge well before harvests are completed" because markets react to expected shortageskuwaittimes.com.
IFAD released its report Nov. 9 in Antalya, estimating $11 trillion in losses over five to six years, with the Iran war already raising fuel and fertilizer costsifad.org+1.
IFAD's Pieternel Boogaard told Newsweek the estimate falls within a range of about $7 trillion to $14 trillion and warned that families everywhere could pay more for foodnewsweek.com.