Economists warn 'super' El Niño could trigger global food price shock lasting into 2028

Economists have warned that a "super" El Niño weather cycle this year could cause a severe shock to global food prices lasting into 2028.

• The US National Oceanic and Atmospheric Administration confirmed warming conditions in the Pacific and a 63% chance of sea surface temperatures exceeding 2°C above normal later this year.
• Goldman Sachs analysts predicted a 15.8% surge in global food commodity prices, with the full effect realised by the second half of 2028.
• UniCredit analysts said the event could cause a 14.3% hit to global agricultural production and price shocks of 10% to 50% across core commodities.
• UBS analysts said El Niño would compound disruption caused by the Iran war by adding food supply chain woes to already higher prices.