Climate change can unexpectedly impact food prices, as seen in grocery stores where prices have risen 25 percent over the past four years. Staples like beef, sugar, and citrus have been particularly affected.
A recent study published in the journal Communications Earth & Environment, reported by Grist, highlights the connection between extreme heat and rising food costs. Referred to as “heatflation,” this phenomenon could potentially increase food prices by 3 percentage points globally and 2 percentage points in North America annually in just over a decade. Extreme weather events are also projected to contribute to overall inflation, with estimates ranging from 0.3 to 1.2 percentage points per year, depending on carbon emissions.
Climate economist Gernot Wagner, from Columbia Business School, emphasized the significant impact of these changes on inflation, underscoring that even a seemingly small percentage increase can be substantial. With consumer prices already rising by 3.2 percent in the past year, the effects of climate change on food prices are becoming more apparent.
Heat waves in Europe in 2022 led to a notable increase in food prices, exacerbated by the heat’s impact on crop harvests. The study analyzed price indices across 121 countries, revealing a bleak outlook for the future affordability of food worldwide, particularly for regions already experiencing challenges due to high temperatures.
The term “heatflation,” coined to describe the inflation caused by extreme heat, reflects the increasing concern over the economic repercussions of climate change. The study’s findings underscore the urgent need to address these issues proactively to mitigate the potential impact on food security and global economies.
This story was produced by Grist and reviewed and distributed by Stacker Media.
