Climate change is impacting food prices at the grocery store. Over the past four years, food prices have risen by 25 percent, causing concerns about staples like beef, sugar, and citrus. Many factors such as supply chain disruptions and labor shortages have contributed to this increase. Extreme heat is also playing a role in driving up food prices, a recent study published in the journal Communications Earth & Environment reports. This could lead to an increase in food prices by 3 percentage points per year globally and about 2 percentage points in North America. Extreme weather events could also contribute to overall inflation levels.
The link between heat and rising food prices is evident. Extreme heat waves in Europe in 2022 caused food prices to soar even higher. The impact of climate change on food prices was evident as the summer heat damaged crop harvests, increasing European inflation rates by 9.2 percent. Researchers analyzed monthly price indices across 121 countries to understand how climate change could drive inflation. The study revealed that no place on the planet is immune to the effects of climate change on food prices.
The study’s findings are concerning, and experts believe that the calculations could underestimate the actual impact. The relationship between climate change and higher prices, known as “climateflation,” is increasingly gaining attention. The term “heatflation” has been coined to specifically address the impact of extreme heat on food prices.
The research highlights the potential economic challenges posed by climate change and the need for measures to address these issues. President Joe Biden’s Inflation Reduction Act, signed in 2022, reflects the growing concern over the impact of climate change on inflation rates. The act may be more relevant than initially thought, as extreme heat continues to impact food prices around the world.
This story was produced by Grist and reviewed and distributed by Stacker Media.
