Climate Change Drives Up Cost of Living in Europe
Recent research highlights the impact of climate change on the cost of living, particularly in Europe. A heat wave in 2022 saw temperatures soar to 115°F (46°C) in Spain, affecting olive production and leading to a 9% drop in chicken-meat production in the UK. Northern Italy experienced its worst drought in 70 years, impacting risotto rice harvests. These events contributed to a 0.7% increase in European food prices, nudging overall inflation up by 0.3%. The phenomenon, termed 'climateflation', is becoming more understood as extreme weather events increasingly affect prices, from food to insurance premiums. 
