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Climate change / Cost of living crisis pushed another 71 million people into poverty

2024-03-27 10:33:55Lifestyle SHKRUAR NGA REDAKSIA VOX

Climate change / Cost of living crisis pushed another 71 million people into

Rising average temperatures could increase annual food inflation by up to 3.2% per year and headline inflation by up to 1.18% per year by 2035, according to a new study from the Potsdam Institute for Climate Impact Research.

In the study, the scientists looked at how climate factors, such as high temperatures and extreme rainfall, have affected inflation in historical data, but they did not provide details on which food items might be most affected.

By analyzing over 27,000 observations of historical data, it was found that rising temperatures can increase food prices, especially in hot regions and seasons. Under future climate conditions, these impacts could become large, approximately 1-3% points per year on food inflation by 2035, threatening the price stability of central banks such as the ECB which aims to keep inflation below 2%. .

Meanwhile, total inflation could increase by 0.32 – 1.18% annually on average globally, the study found. Rising or volatile prices threatened economic and human well-being as well as political stability, the report noted, citing that the 2021-2022 cost of living crisis pushed an additional 71 million people into poverty worldwide, according to the UN . Food inflation and headline inflation are expected to be affected by global warming in both higher and lower income countries.

Inflation increases when temperatures rise and this is more noticeable in summer and in hot regions. For this reason, according to the study, the global south, especially Africa and South America, will be affected the most. According to the report, a 1 degree Celsius increase in average monthly temperature has an impact on prices for up to a year, as does excess rainfall, but price impacts are only short-term when they stem from excessive drought.


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