Scientists warn of soaring food prices as heatwaves intensify worldwide

WEB DESK: New research conducted by scientists and the European Central Bank suggests that the ongoing issue of global warming and the resulting increase in heatwaves are poised to escalate food prices and overall inflation on a global scale in the foreseeable future.

Published in the journal Communications Earth and Environment, the paper underscores that while the effects will be widespread, they will particularly impact developing nations.

The intensifying frequency of extreme weather events such as heatwaves, droughts, and floods, attributed to climate change, is significantly affecting crucial sectors like agriculture and food production.

Drawing upon extensive historical price and weather data spanning 121 countries from 1996 to 2021, researchers from the Potsdam Institute for Climate Impact Research (PIK) and the European Central Bank project a notable rise in food costs worldwide.

By the year 2035, it is estimated that escalating temperatures due to climate change will lead to an annual increase in food prices ranging between 1.49 and 1.79 percentage points.

Furthermore, the study predicts that the impact of future warming and heat extremes on overall inflation could range between 0.76 and 0.91 percentage points, depending on various scenarios.

Maximilian Kotz, one of the authors of the report from PIK, highlighted, “We find compelling evidence that higher temperatures, particularly in hot seasons or regions, result in price hikes primarily in food inflation but also in overall inflation.”

He said that regions already experiencing higher temperatures, especially economically disadvantaged areas, would bear the brunt of these effects.

According to the study, Africa and South America are expected to be the continents most severely affected.

However, Kotz cautioned that the northern hemisphere would not be immune to rising prices, particularly during the summer months.

He noted, “In those regions of the northern hemisphere, primarily during the summer, such impacts will be more pronounced, while in other parts of the world, the effects will be spread throughout the year.”