S&P Global Ratings has warned that the El Niño weather phenomenon could trigger a significant rise in food prices across India, placing a severe financial burden on households. The agency cautioned that the climate pattern is likely to cause drought conditions, which would substantially reduce agricultural output.
This decline in crop yields is expected to drive up food inflation, leading to higher costs for essential commodities. According to the report, these economic pressures will directly impact the financial stability of Indian families.
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