Climate impact on price stability – ECB Working Paper No. 2821
- Source type
- Other
- Published
- 10 Mar 2024
- Added by
- SamSwift
- Added
- 10 Sept 2026
Contributor evidence
What this source establishes
The source uses historical consumer price data to establish that rising average monthly temperatures and heat extremes drive non-linear upward pressures on food and headline inflation globally, specifically showing that the 2022 European summer heatwave increased European food inflation by approximately 0.67 percentage points.
How it relates to the claim
This evidence directly supports the claim by providing empirical proof that extreme heat events from climate change are actively driving up food inflation and overall cost-of-living expenses across Europe.
Limitations
The study notes that actual future inflationary impacts depend heavily on the extent of adaptation measures implemented and that weather effects vary significantly depending on the baseline temperature of the region and season.
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