Heat to drive up global food prices, "heatflation" could worsen (study)
Heat to drive up global food prices, "heatflation" could worsen (study)
01/07/2024 19:17, TUNIS/Tunisia
Tunis, July 1- (TAP)- Extreme heat is already driving up food prices, and the situation could worsen, leading to a phenomenon known as "thermoflation" or "heatflation.»
According to a recent study published in the journal "Communications Earth & Environment" and other climate change research, global food prices for commodities such as olive oil, chocolate, and coffee could increase by 3% per year over just more than a decade, and by about 2% in North America, due to climate change and rising temperatures.
Regarding overall inflation, extreme weather conditions could cause an increase of 0.3 to 1.2% annually, depending on the volume of carbon emissions released by countries into the atmosphere.
Researchers generally assert that in the Middle East and other hotter regions, the costs will be even higher, and the negative impacts significantly more severe.
Some 2.44 million metric tonnes of olive oil were produced worldwide in 2022-23. This figure decreased to about 2 million metric tonnes for 2023-24—approximately 23% below the four-year average, according to Foodinstitute.com.
The global olive oil market is valued at $14.64 billion and is projected to reach $20.9 billion by 2032.
Provided by SyndiGate Media Inc. (Syndigate.info).