A triple shock of rising energy prices, spiralling borrowing costs and a turbocharged El Niño could push “tens if not hundreds of millions of people” into poverty, the UN has warned.

The United Nations Development Programme (UNDP) said the three “compounding crises” are hitting developing economies especially hard, with governments running out of resources to shield people from the fallout, in a new report.

“We are witnessing a perfect storm that could throw tens if not hundreds of millions of people back into poverty,” said Alexander De Croo, the UNDP administrator, warning that surging oil and food prices mean families across the world have “no safety margin”.

“Governments of developing countries are left with impossible choices: cut support to their poorest citizens or risk their entire development agenda,” he added.

The report was published ahead of the World Bank and International Monetary Fund’s annual meetings, which kicked off in Bangkok on Monday.…