Food prices may increase due to global warming
Global warming and extreme weather conditions are putting increasing pressure on agriculture, posing significant inflationary risks worldwide, according to a new study from the Potsdam Institute for Climate Impact Research. Researchers predict that by 2035, rising average temperatures could increase food inflation by up to 3.2% annually, while overall inflation could rise by 1.18% annually.
The report emphasizes that temperature increases cause drastic price rises, particularly in hot regions and seasons, endangering the price stability targets of central banks. The study highlights that the impacts of global warming extend to economic and human well-being, as higher food prices pose additional poverty risks globally.
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