Inflation And Food Prices Rise Due To Global Warming

(CTN News) – Banks and scientists predict global warming and heatwaves will further increase food prices and inflation in the future.

As a result, the impact will vary but will be felt everywhere, particularly in developing countries, according to a paper published in the journal Communications Earth and Environment on Thursday.

Increasingly frequent extreme weather events – such as heatwaves, droughts, and floods – are a consequence of global warming, and they pose a threat to important sectors of the economy, including agriculture and food production.

Researchers at the Potsdam Institute for Climate Impact Research (PIK) and the European Central Bank analyzed historical price and weather data from 121 countries between 1996 and 2021 for this study.

Globally, they were predicted to increase food prices by 1.49 to 1.79 percentage points per year by 2035 due to rising temperatures caused by climate change.

If a best and worst case scenario are taken into consideration, the effect of future warming and heat extremes on overall inflation would be between 0.76 and 0.91 percentage points.

It appears that higher temperatures, particularly in the summer, or in hot areas, cause a spike in food inflation, as well as overall inflation, according to Maximilian Kotz, one of the authors of the report.

Kotz stated that future warming would have the greatest impact on food prices and inflation in “regions that are already hotter,” especially in the poorer and developing countries.

According to the study, African and South American continents will be most affected.

The northern hemisphere, however, may not be spared from higher prices as a result of climate extremes.

It tends to occur mainly in the northern hemisphere during summer, particularly in those areas in the northern hemisphere. According to him, in the rest of the world, the timing of the festival will be more evenly distributed throughout the year.

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