Climate-Driven Floods Spark 44.5% Inflation in Pakistan, Pushing Prices to Record Highs

Jul 29

***Climate-driven floods in Pakistan lead to a staggering 44.58% increase in consumer item prices, exacerbating inflation, and causing widespread supply disruptions.***
*Image by* ***Kafeel Ahmed***

The climate-driven floods in Pakistan have resulted in a staggering 44.58% year-on-year increase in essential consumer item prices as reported by the country's Bureau of Statistics. This "climate catastrophe" has caused widespread supply disruptions, exacerbating the inflation spike fueled by rising fossil fuel costs. The sensitive price index (SPI) indicates that soaring food prices are primarily responsible for the current inflation surge. Unprecedented flash floods have claimed over 1,100 lives, with the death toll expected to rise, leaving millions affected and a third of the country submerged. While scientists investigate the links between climate change and the disaster, the connection between increased temperatures and intense rainfall is apparent.

SOURCE: Read the full article by Graham Caswell of Green Central Banking