Climate change driving up inflation in food prices: Study
Uncovering Climate's Grip on Food Prices: New Study Reveals Troubling Findings
Zack Budryk, reporting for The Hill, highlights a significant revelation from a recent study published in Communications Earth & Environment. The study, which has garnered attention from major news outlets, sheds light on the alarming correlation between rising global temperatures and food price inflation. Conducted by researchers from the Potsdam Institute for Climate Impact Research and the European Central Bank, the study meticulously analyzed monthly price indexes from 1996 to 2021 across 121 countries. It reveals that temperature increases induce supply shocks, fueling food price inflation worldwide. With projections suggesting potential "climateflation" increases of up to 3 points by 2035, the implications for the global economy are profound. The study underscores that beyond climate-related natural disasters, climate change poses broader financial risks and challenges for policy development
