The UN Development Programme warns that fuel subsidies may exceed US$1 trillion due to the ongoing Iran war, high borrowing costs, and the expected strong El Nino weather phenomenon.
The UNDP report says 130 million more people could have fallen below the poverty line without relief measures.
Countries doubled their use of price caps, subsidies, and tax rebates from April to September.
Higher energy prices led to protests in at least 10 countries in September.
El Nino is expected to worsen food insecurity and peak in early 2027.
Summarised automatically by AI from the original article by Free Malaysia Today. AI can make mistakes, so check the original for details.
The UNDP warned the next few months will be crucial for governments that deployed price caps, subsidies and tax rebates as oil prices rise. (EPA Images pic)
UNITED NATIONS: Governments around the world are running out of room to shield consumers from higher energy prices resulting from the Iran war and other crises, with fuel subsidies potentially costing more than US$1 trillion this year, a United Nations study found.
Global policy interventions to cushion the impact of rising food and energy prices will become more difficult to sustain as a result of higher borrowing costs and what’s on track to be the strongest El Nino on record, according to a UN Development Programme report released Friday.
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