South Korea's central bank on Monday assessed that around ten percent of inflation in the country since last year were due to abnormal climate conditions, such as high temperatures, amid the climate crisis.

In a report analysis on the correlation between the country's climate risk index(CRI) from 2001 to 2023 and industrial production and inflation, the Bank of Korea(BOK) estimated that abnormal climate, by and large, lowered industrial production, while raising inflation.

The report also showed that the shock from the abnormal climate, as measured by the CRI based on abnormal temperatures, precipitation, drought and sea levels, was prevalent in a zero-point-six-percentage point drop in industrial production growth around 12 months later.

Inflation, on the other hand, rose zero-point-03 percentage point in just three months after the drop, and the rise in inflation further expanded by zero-point-05 percentage point when excluding effects from free trade agreements(FTAs).

The report found that the influence and sustainability of abnormal climate on growth and inflation intensified from the 2001-to-2023 period, compared to the 1980s to 2000s, adding that the climate factor caused an average ten-percent rise in inflation after 2023.