El Nino Looms as Global Economy Threatened by Trillion-Dollar Price Tag

The World Meteorological Organization (WMO) estimates that this year's El Nino will be strong, with an anomaly in sea surface temperature of around 2.9 degrees Celsius.

This could lead to losses of trillions of US dollars globally, particularly in the food sector, commodity prices, energy, logistics, and inflation.

The European Central Bank (ECB) estimates that a moderate-strength El Nino could push real commodity price inflation by around 3 percent in six to 12 months.

In a strong El Nino scenario, global food prices are expected to rise for about two years, with the peak increase estimated at 9 percent for soybeans, corn, and rice.