Canada's Hottest Summer Ever: Wildfires and Soaring Food Prices

This summer's wildfires in Canada have left thousands displaced and facing uncertain futures. The country has experienced its hottest July on record, surpassing even the Dust Bowl of 1936. As temperatures rise, so do food prices, with wheat producer prices increasing steadily over the decades.

According to the Food Price Report, the average Canadian family will spend $17,572 on food this year, a $995 increase from last year. This trend is not unique to Canada; global temperatures have been rising dramatically since the 1940s, with wheat producer prices reflecting this volatility.

The consequences of climate change are far-reaching and affect more than just those directly impacted by wildfires. As Doug Rowat notes in his blog, 'climate change actually has almost no effect on financial markets,' but its effects are felt acutely in food prices.

In Canada, the Food Price Report estimates that food prices have risen 27% over the past five years, with this year's report likely to show even more drastic increases. With two in five Canadians living paycheck to paycheck, these price hikes can be devastating.