• UGI USER
  • Apr 24, 2024
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RBI OFFICIALS WARN OF INFLATION RISKS DUE TO EXTREME WEATHER AND GEOPOLITICAL TENSIONS.

Why in the news?

Climate risks to inflation highlighted by RBI officials amidst extreme weather events and geopolitical tensions.

source:worldnews

About the Climate Risk and WMO’s Alert:

  • RBI officials, including Deputy Governor Michael D. Patra, warn of inflation risks due to extreme weather events and geopolitical tensions.
  • They highlight the World Meteorological Organization’s (WMO) red alert on global warming, foreseeing 2024 as potentially the hottest year on record.
  • IMD data reflects escalating extreme weather events, urging an urgent and collective response to address climate challenges.
What is Inflation?

  • Inflation is the rate of price increase over time, covering various goods and services.
  • It signals a higher cost of living, indicating increased expenses for consumers.
  • In India, inflation is impactful due to economic inequalities and a sizable population.

Source: https://www.thehindu.com/business/Economy/extreme-weather-may-pose-risk-to-inflation-says-rbi-bulletin/article68098033.ece