As we are all well aware, the war is having significant effects on financial and commodity markets – and economies – worldwide. Recent price shocks sit on top of an inflationary trend that BNP Paribas Asset Management believe would have persisted over 2022 anyway due to unfavourable climate change-related weather conditions and the increasing cost of fertilisers and energy needed for food production. These inflationary pressures highlight the need for governments to better respond to physical climate risk and to look to alternative methods of food production.
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