Brief by Shorts91 Newsdesk / 03:17pm on 30 Aug 2024,Friday Weather & Environment
HSBC Holdings Plc reports that extreme heat is now a better predictor of food inflation in India than rainfall. Over the past decade, the correlation between high temperatures and the cost of agricultural commodities like fruits and vegetables has increased to 60% from 20% in 2014. This shift is attributed to climate change, which impacts crop yields more significantly than rain patterns. As inflation remains high due to volatile food prices, HSBC forecasts that easing temperatures might help stabilize consumer prices later this year, though rising heat poses a long-term challenge.
