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Goldman Sachs: El Niño to Spike Southeast Asia Food Prices

6/22/2026

37 6 Full Breakdown

Summary

Story summary

Goldman Sachs warns Indonesia could face a shock when a strong El Niño hits in late 2026.
The Middle East conflict has raised costs and fertilizer prices, creating a food-fuel balance challenge.
Goldman Sachs flags Singapore and the Philippines as exposed net food importers and estimates combined shocks could lift food inflation by 1 percentage point after six months, 2.1 points after 12 months, and about 2 points after 18 months.

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Story summary

Goldman Sachs warns Indonesia could face a shock when a strong El Niño hits in late 2026.
The Middle East conflict has raised costs and fertilizer prices, creating a food-fuel balance challenge.
Goldman Sachs flags Singapore and the Philippines as exposed net food importers and estimates combined shocks could lift food inflation by 1 percentage point after six months, 2.1 points after 12 months, and about 2 points after 18 months.