The week in charts: Climate maths, rising inflation, crypto price

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Subscribe to enjoy similar stories. Every Friday, Plain Facts publishes a compilation of data-based insights with easy-to-read charts to help you delve deeper into the stories reported by Mint in the week gone by. The 29th UN Climate Change Conference-COP29 began earlier this week in Azerbaijan, focusing on global warming and other critical environmental issues.

Meanwhile, India's retail inflation surpassed the upper limit of the central bank’s aim in October. The COP29 began this week in Azerbaijan, focusing on securing financial support for developing countries grappling with climate damage. A key agenda is updating the $100 billion annual commitment made in 2015 by developed nations.

The new “collective quantified goal" (NCQG), due by 2025, will better align with the needs of developing nations, Mint reported. The UN’s Adaptation Gap Report shows international public adaptation finance grew from $22 billion in 2021 to $28 billion in 2022, but the need is 18 times higher, and even if funding hits $40 billion by 2025, it would only cover 5% of the need. At 6.21%, retail inflation in October breached the upper limit of the Reserve Bank of India’s (RBI's) target for the first time since August 2023.

Food inflation spiked to 10.87%, up from 9.24% in September, with vegetable prices climbing 42.18%, the highest in nearly five years. Edible oils also saw a significant price increase, partly due to higher import duties. With October inflation surging, the RBI’s forecast of 4.8% for October-December will likely be breached unless inflation averages just 4.1% in November and December.