ECB paper estimates inflationary effects of climate change
Rising temperatures are having persistent effects on prices, especially for food
Climate change is significantly increasing global inflation and this impact will grow as temperatures rise, a working paper published by the European Central Bank finds.
Maximilian Kotz, Friderike Kuik, Eliza Lis and Christiane Nickel use monthly data from 121 countries on consumer price indexes and climatic conditions. They use indicators based on monthly and daily temperatures, excess wet and drought conditions, and extreme daily rainfall.
The impact of global warming on inflation: averages
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