Inflation under control? Not if the dire effects of global warming continue their toll
The prevailing belief about inflation in the U.S. is that the Federal Reserve has killed it, with the beatdown being complete enough that it will not return, at least not in the foreseeable future.
Not so fast — the current effects of climate change are very likely to trigger inflation, which could cause a cost-of-living crisis in the U.S. and elsewhere.
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According to The American Prospect, the rise in “billion-dollar disasters” is a road map for the future inflation problem. The cost of repairing destroyed homes, businesses and infrastructure will increase the cost of labor materials necessary for the work. It is a simple supply-and-demand formula.
Another effect of the climate crisis will be a sharp rise in food prices. That threat is already in place because of drought in the areas where rivers feed the Mississippi River, such as in West Virginia and southern Ohio, which both border the Ohio River, a major feeder to the Mississippi. In addition to damaging agriculture, lower water levels make the river impassable for a portion of the barges that transport agricultural products and other goods north and south.
Food price inflation was a primary cause of the jump in American living costs four years ago, and it could easily happen again.
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