It turns out that food prices may rise by 3.2% annually due to global warming



The Governor of the Bank of Japan has stated that in recent years Japan has been in a state of inflation , where prices are rising, and many people are likely to feel inflation due to price fluctuations in eating out, fast food menus, supermarket groceries, etc. . A new study conducted by a German research team has revealed a serious result: ``Global warming could cause food prices to rise by 3.2% annually.''

Global warming and heat extremes to enhance inflationary pressures | Communications Earth & Environment
https://www.nature.com/articles/s43247-023-01173-x



By 2035, global warming could add up to 3.2 percentage points to food inflation every year: Study - The Economic Times
https://economictimes.indiatimes.com/news/india/by-2035-global-warming-could-add-up-to-3-2-percentage-points-to-food-inflation-every-year-study/ articleshow/108687439.cms

Higher temperatures mean higher food and other prices. A new study links climate shocks to inflation | AP News
https://apnews.com/article/inflation-climate-change-food-prices-heat-6e5297e12868aaf797529bb755268818

Food prices will climb everywhere as temperatures rise due to climate change – new research
https://theconversation.com/food-prices-will-climb-everywhere-as-temperatures-rise-due-to-climate-change-new-research-226345

Climate change is affecting various aspects of human society, and abnormal weather and heat waves are known to reduce agricultural productivity. However, the impact of climate change on price inflation, including food prices, has not been sufficiently studied.

Therefore, a research team from Germany's Potsdam Institute for Climate Impact Research and the European Central Bank conducted research on the relationship between climate change and inflation. The research team analyzed weather data from 1991 to 2020 in 121 countries, as well as monthly price index data for various goods and services, and combined it with climate prediction models to determine the impact of climate change on inflation rates from 2030 to 2060. estimated.

The study found that food price inflation could rise by 0.9% to 3.2% per year by 2035 due to climate change. Meanwhile, overall inflation due to climate change will only increase by 0.3% to 1.2%, forcing people to spend a higher proportion of their household income on food purchases.

'The physical effects of climate change will have a lasting impact on inflation,' said Max Kotz, lead author of the paper and a climate scientist at the Potsdam Institute for Climate Impact Research. 'We believe this is another example of the potential for harming the welfare and economic well-being of people.'



Food price inflation due to climate change will be felt all over the world, but developing countries in the southern hemisphere, known as

the Global South, will be particularly affected. Jessica Boxall , a public health scientist at the University of Southampton in the UK, and colleagues point out that ``Africa will be the most affected by climate change, even though it has little to do with it.''

In a survey conducted by Boxall and colleagues in rural areas in northern Ghana , most of the approximately 400 people interviewed said they had experienced some degree of food insecurity in the past year, and approximately 99% said they had experienced food insecurity to some extent in the past year. The answer was that it was the cause. Additionally, 62% experienced moderate or severe food insecurity, and 26% went an entire day without food.

Boxall et al. point out that the impact of climate change on food shortages can be categorized into two problems. The first is that ``it will be difficult to obtain food due to lower crop yields and logistics difficulties due to climate change itself,'' and the second is that ``purchasing ability will decline due to rising inflation rates due to climate change.'' That's what it means.

Boxall et al. , suggests that it could provide some protection for communities that depend on agriculture for both food and income.Government intervention could also provide protection for people who are more likely to be trapped in cycles of poverty due to inflation and reduced access to food. We can guarantee financial protection and nutritional support.”



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