El Nino heatwaves to ‘fuel inflation next year’

El Nino heatwaves to ‘fuel inflation next year’The heat has led to fires across Europe this year. (AP Photo/Emma Da Silva)The ‘Super El Nino’ triggering record temperatures across Europe could add a full percentage point to inflation next year, hampering central bank efforts to slow down price rises, a top investment bank has warned. The severe weather impact could raise inflation by between 0.5 per cent and one per cent next year.” El Nino – meaning little boy in Spanish – is a natural climate event occurring every two to seven years whereby sea temperatures in the Pacific Ocean become unusually warm. Inflation has only hit the Bank of England’s official two per cent goal for two months since 2021, and has otherwise been above target.