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4w ago

Study Links Recent Climate Extremes to Record Food Price Inflation

Central banks urge rapid emissions reductions following findings that extreme weather drove historic spikes in staple food costs.

Vista de un olivar de Jaén.
Productor de cacao en Costa de Marfil.
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Overview

  • The peer-reviewed paper published in Environmental Research Letters analyzed 16 climate shocks between 2022 and 2024 across 18 countries and tied them to major wholesale price jumps.
  • Olive oil prices in the European Union climbed 50% in early 2024 after a prolonged drought during the 2022–23 growing season intensified by global warming.
  • Global cocoa quotations surged 280–300% in April 2024 following unprecedented heatwaves in Ivory Coast and Ghana, while coffee prices rose up to 100% in Brazil and Vietnam amid severe droughts and heat.
  • Researchers warn that these inflationary shocks compound risks to food security, public health and monetary stability, hitting low-income households hardest where food constitutes the largest budget share.
  • The study authors and financial authorities call for urgent greenhouse gas cuts and targeted investments in climate-resilient agriculture to curb future price volatility.