There’s a number of explanations for the surge in prices—from pandemic induced supply chain issues, to tariffs, to wars in Ukraine and Iran.
They’re not wrong. Extreme weather driven by climate change is pushing up prices for everyone. One April paper published by Brookings Papers on Economic Activity found that climate change is already costing U.S. households between $400 and $900 a year, on average.
“Even if you don't live in tornado alley, you might be seeing your insurance rates go up to cover the cost for people who are in the more danger-prone areas,” says Catherine Wolfram, professor of applied economics at the MIT Sloan School of Management and one of the study’s authors.
That’s in part due to the cost of responding to natural disasters. “There are these more and more frequent storms that go through and wipe out the utility poles, and the utility rates eventually have to go up to pay for that,” says Wolfram.
A rapid rollout of clean energy technologies—like solar panels and wind— is one way governments can both make energy costs more affordable and bring down the cost of living, according to the International Energy Agency. The Trump Administration, however, is moving in the opposite direction—investing millions in keeping struggling coal plants alive despite little economic benefit.
To better plan for climate impacts, Ward notes that our global food system should be more diverse, to allow for potential shortfalls.
If your wallet is looking for relief, experts warn it might not come easily. “It's only going to get worse as climate change gets worse, as the summer days get hotter, as the storms get more frequent,” says Wolfram. “It's going to be worse in the future, but it's already here.”
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