Changes in local climate can lead to disruptions in production that can result in higher prices? Neat.
Turns out agriculture is dependent on climate — a stable climate. Nobody could’ve predicted this.
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Externalized costs to subsidize profits for fossil fuel companies?! In my grocery cart?!
Let’s not forget the obvious greed and theft by these companies.
I’m sure this won’t be used as an excuse to raise prices far beyond costs.
why? wouldnt warm weather crops be easier to grow?
You need to move all that infrastructure to new areas to grow the same crops, and the soil, weather, etc. of other areas that are now the right temperature may not be appropriate, making the move useless
This is the best summary I could come up with:
Food prices and overall inflation will rise as temperatures climb with climate change, a new study by an environmental scientist and the European Central Bank found.
Looking at monthly price tags of food and other goods, temperatures and other climate factors in 121 nations since 1996, researchers calculate that “weather and climate shocks” will cause the cost of food to rise 1.5 to 1.8 percentage points annually within a decade or so, even higher in already hot places like the Middle East, according to a study in Thursday’s journal Communications, Earth and the Environment.
Gernot Wagner, a climate economist at Columbia University’s business school who wasn’t part of the research, said what he calls “climateflation” is “all too real and the numbers are rather striking.”
Kotz and European Bank economists looked at 20,000 data points to find a real world causal link between extreme weather, especially heat, and rising prices.
Usually when economists talk inflation and climate change, it’s about rising energy prices in response to efforts to curb warming, but that’s only part of the problem, Kotz said.
“I find the main result on the historic relationship between regional temperature anomalies and national inflation to be credible,” said Frances Moore, an environmental economist at the University of California, Davis who wasn’t part of the study.
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