The Reason Everything's Getting More Expensive

Rising costs have become a significant concern for American families, with inflation impacting various aspects of daily life. Although inflation rates have decreased since their peak in 2022, consumer prices have still risen over 21% since February 2020. Many voters, frustrated by the cost of living, supported candidates promising to address inflation, yet the role of climate change in these economic pressures remains underappreciated. Extreme weather events, exacerbated by climate change, have disrupted supply chains and increased production costs, particularly in agriculture and energy. For instance, severe droughts and storms have led to spikes in food prices, affecting staples like meat, dairy, and grains. Economists warn that as climate change continues to escalate, inflation could rise by an additional 1% annually until 2035, disproportionately affecting lower-income households. The ongoing volatility in prices, driven by climate-related disruptions, suggests that the era of stable prices is over, placing further strain on families already struggling to make ends meet. Without significant policy changes to mitigate these impacts, the financial burden on consumers is expected to worsen.

- Inflation has increased by over 21% since February 2020, despite a decrease from 2022's peak.

- Climate change is a significant factor contributing to inflation, affecting supply chains and production costs.

- Extreme weather events have led to rising food prices and increased costs for essential goods.

- Lower-income households are disproportionately affected by inflationary pressures linked to climate change.

- Experts predict that inflation could rise by 1% annually until 2035 due to ongoing climate impacts.