The world has long passed the point where a gradual and essentially smooth economic transition was possible to achieve the Paris goals and keep the rise in global temperature below 1.5C. Consequently, trade-offs between affordability and insurability – and between our current and sustainable lifestyles – are becoming more challenging.
Since our last quarterly economic update in September, growth momentum has been weakening but remained resilient, disinflation is ongoing and interest rates are plateauing, very much in line with our expectations.
Extreme weather events have almost become the new normal around the world, emphasizing the urgency of the global climate crisis. Yet, climate literacy has declined to an alarmingly low level.
Thanksgiving special: higher turkey prices? Watch out for labor shortages. The consumer price index for poultry increased by +7% y/y in October while producer prices for turkeys decreased by almost -40%.
Residential construction is stumbling but still standing.As higher interest rates drive up mortgage costs,house prices have decreased significantly in Germany (close to -10% in Q2 2023) and decelerated in most other European countries and in the US.
