London heatwave strikes, Bank of England warns of weather becoming a new inflation risk.

With London experiencing record-breaking high temperatures, Bank of England officials are starting to worry that as the previous supply shock gradually fades, weather could be the next wave of inflationary pressure. Climate scientists are increasingly predicting that a strong El Nio event will form later this year until 2027, disrupting global weather patterns. Now, economists are also concerned that this could trigger a new round of supply shocks, driving up food inflation and once again frustrating global central banks' anti-inflation efforts. David Owen, founder of Saltmarsh Economics, a consultancy focused on climate economics, says "The risks facing the UK are more from imports than domestic factors. Extreme weather events such as drought in other parts of the world can affect local agricultural production and ultimately impact the UK."