Climate Change Fuels Persistent Food Price Inflation Globally

Extreme weather events tied to climate change are driving persistent food price inflation worldwide, according to a new study by Zero Carbon Analytics. The firm analyzed food price spikes between 2022 and 2026, linking all but one of them to unprecedented temperatures, drought, or heavy rainfall.

The research found that extreme weather conditions have ravaged harvests in various regions, including Europe, the US, and Asia. In western Europe, human-caused climate change made soil drought behind crop damage about five times more likely, while in eastern Europe it was 11 times more likely.

Price spikes were recorded for a range of foods, including corn (up 16%), courgette (32%), tomatoes (31%), and green beans (24%). In the US, American beef prices rose to a record in April due to drought and heat, while in Spain, tomato prices increased by 11% year-on-year.

The study warns that climate-driven supply crises will continue to strain household budgets worldwide. By 2035, projected warming is expected to add up to 3.23 percentage points annually to food inflation, and 1.18 percentage points to headline inflation.