Vi e w p o i n t | 26 Jun 2026 05:45:13 ET │ 115 pages Emerging Markets Economic Outlook & Strategy One Shock to the Next – Macro Impact of El Niño on EM CITI'S TAKE Rising risks of a Super El Niño could present a potentially significant inflationary shock to EM, complicating the macro outlook even as lower energy prices offer relief. Primary risk stems from food inflation, disproportionately impacting those with high food CPI weights and net import reliance. This, coupled with secondary risks to hydro powe ...