Baosheng: Climate-driven inflation is the key focus, not just El Niño

Menke said: "Although this has raised concerns about food inflation, there is no clear evidence that El Niño has structurally pushed up prices." Menke added that, historically, droughts unrelated to El Niño have driven up prices, and energy price increases have done the same, indicating that a mix of multiple factors could harm global agricultural production. Menke said that, against the backdrop of rising extreme weather risks, inflation driven by climate change may become more prominent. However, whether this means greater or more sustained fluctuations in food prices remains to be seen.