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ECB Warns of Impact of Heat Waves on Inflation, Economic Growth
By Alexander Weber and
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The link between heat and key economic indicators such as inflation and gross domestic product is too important to ignore, according to European Central Bank Executive Board member Frank Elderson.
'We have progressed in understanding that accounting for the climate and nature crises is relevant,' Elderson said in an interview. 'If you think about the exceptionally hot summer of 2022, food-price inflation was up between 0.4 and 0.9 percentage points' and 'there was quite a measurable hit on German GDP.'
