The US Climate Prediction Center has recently declared that El Niño conditions are now officially present and are expected to gradually strengthen in the northern hemisphere in the winter of 2023/24. [7] ECB analysis suggests that a one-degree temperature increase during El Niño historically raised global food prices by more than 6% after one year (Slide 5, left-hand side).
El Niño also reinforces the risks of extreme weather events stemming from global warming. Sea surface temperatures in the North Atlantic are currently significantly above their average over the past 40 years (Slide 5, right-hand side).