Higher temperatures mean higher food and other prices. A new study links climate shocks to inflation
New Study Warns of 'Climateflation': Rising Temperatures Linked to Soaring Food Prices and Inflation
In a groundbreaking study by environmental scientist Max Kotz, in collaboration with the European Central Bank, a stark warning emerges: as temperatures continue to climb due to climate change, the world is set to face a concerning economic consequence. Seth Borenstein, reporting for the Associated Press, highlights the study's findings, indicating a direct correlation between extreme weather events and escalating food prices. With projections estimating a 1.5 to 1.8 percentage point annual increase in food costs within the next decade, and an overall inflation surge of 0.8 to 0.9 percentage points by 2035, the implications are dire. Kotz emphasizes that regions experiencing hotter temperatures, particularly in the Global South, are likely to bear the brunt of this "climateflation," exacerbating economic inequalities.
SOURCE: Click here to read the full article by Seth Borenstein in the Associated Press.
