English references

2024 was the hottest year on record [1], with global temperatures exceeding 1.5 °C above preindustrial climate conditions for the first time and records broken across large parts of Earth’s surface. Among the widespread impacts of exceptional heat, rising food prices are beginning to play a prominent role in public perception, now the second most frequently cited impact of climate change experienced globally, following only extreme heat itself [2]. Recent econometric analysis confirms that abnormally high temperatures directly cause higher food prices, as impacts on agricultural production [3] translate into supply shortages and food price inflation [4, 5]. These analyses track changes in overall price aggregates which are typically slow-moving, but specific food goods can also experience much stronger short-term price spikes in response to extreme heat.

Climatenomics lays out how ‘supply chain disruptions’ has become a euphemism for the effects of climate change

The Bank of England governor warned last week of ‘apocalyptic’ food price rises. Yet war in Ukraine, climate change and inflation are already taking their toll all over the world. Apocalypse is an alarming idea, commonly taken to denote catastrophic destruction foreshadowing the end of the world. But in the original Greek, apokálypsis means a revelation or an uncovering. One vernacular definition is “to take the lid off something”.

Inflation is a disease that disproportionately afflicts the poor. Even before Vladimir Putin unleashed his brutal war on Ukraine, whose byproducts include soaring energy and food prices, inflation was already over 7.5% in the US and above 5% in Europe and the UK. Calls for its taming are, therefore, fully justified – and the interest rate rise in the US, with the same expected in the UK, comes as no surprise. That said, we know from history that the cure for inflation tends to devastate the poor even more. The new wrinkle we face today is that the supposed solutions threaten not only to deal another cruel blow to the disadvantaged but, ominously, to snuff out the desperately needed green transition.