Asia is grappling with a new threat to inflation on top of an oil shock as a looming El Niño brings soaring temperatures and dry weather to countries from India to New Zealand, driving up food costs.
Inflation accelerated to multiyear highs across much of Asia, latest figures showed, led by higher transport, logistics and utility costs. The biggest spikes were in the Philippines and Pakistan, where inflation soared above 7% and to 11%, respectively.
