Extreme Heat Is Driving Up Food Prices — and It’s Only Going to Get Worse – By Kate Yoder (GRIST) / March 29. 2024
New research shows that climate change is already fueling heatflation.
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Sometimes climate change appears where you least expect it — like the grocery store. Food prices have climbed 25 percent over the past four years, and Americans have been shocked by the growing cost of staples like beef, sugar, and citrus.
While many factors, like supply chain disruptions and labor shortages, have contributed to this increase, extreme heat is already raising food prices, and it’s bound to get worse, according to a recent study published in the journal Communications Earth & Environment. The analysis found that heatflation could drive up food prices around the world by as much as 3 percentage points per year in just over a decade and by about 2 percentage points in North America. For overall inflation, extreme weather could lead to anywhere from a 0.3 to 1.2 percentage point increase each year depending on how many carbon emissions countries pump into the atmosphere.
Though that might sound small, it’s actually “massive,” according to Gernot Wagner, a climate economist at Columbia Business School. “That’s half of the Fed’s overall goal for inflation,” he said, referencing the Federal Reserve’s long-term aim of limiting it to 2 percent. The Labor Department recently reported that consumer prices climbed 3.2 percent over the past 12 months.
