THE global warming could cause increasing food inflation by an average of 1% to 3% points each year until 2035; as the effects of climate change intensify globally, a scientist at the Potsdam Institute for Climate Impact Research told Anadolu.

ECB and Potsdam Institute researchers examined inflation data from 121 developed and developing countries over the past 30 yearsalong with changes in climate change.

“What we found is that increases in temperature actually cause increases in inflation, especially in food inflationbecause of the impact on agricultural production,” said Maximilian Kotz of the Potsdam Institute.

Last year’s heatwaves in Europe contributed by 0.7% in inflation of food, according to the study.

According to the World Meteorological Organization (WMO) and the EU’s Copernicus Climate Change Service, Europe was the fastest warming continent in 2022a year characterized by extreme heat, drought and wildfires.

The risks related to the climate in Europe last year led to 16,365 reported deaths and directly affected 156,000 people as extreme events caused total economic losses amounting to 2 billion dollars.

It is noted that inflation had also increased due to factors such as the COVID-19 pandemic and the war in Ukrainebut climate change is also expected to lead to higher, but persistent, inflation as temperatures continue to rise.

According to the World Meteorological Organization, average global temperatures had risen by 1.15 degrees Celsius in 2022 relative to the 19th century, with 2023-2027 predicted to be the warmest years on record.

“We find that by 2035, global warming will cause increases in food inflation worldwide, making it an average of about 1% to 3% percentage points higher each year. It’s not 10% to 15%, but it is still a very important effect which is persistently occurring due to climate change,” Kotz noted.

Future temperature increase predicted for 2035 will increase the impact of extreme weather events in Europe by 50%suggesting that “climate change poses risks to price stability by having upward effects on inflation,” according to the survey.

THE Kotz explained that there is “very strong” evidence that climate change will reduce macroeconomic growth rates and output around the world in the future.

Despite governments’ commitments to reduce the use of fossil fuels, greenhouse gas emissions remain at record levels. However, world must cut emissions by 45% to avoid ‘global catastrophe’according to the UN Environment Programme.

“Global Catastrophe” means that global warming will exceed 2.8 Celsius until the end of the century with the policies implemented today.

A London-based think tank, the Institute for Economics and Peace estimated that approx 1.2 billion people they could be displaced by climate change by mid-century.