but economists are increasingly pointing to evidence that it is also having an affect on inflation as crops fail, wine grapes shrivel and vegetables dry. and it s got a name. climateflation. here s ben. a brutally hot summer for the planet and hot prices, too. is there a link? some grocery data today suggests uk food price inflation is starting to abate. yet there are warnings that the painful spike in food prices we ve seen over the past year has been partially driven by global warming. some have termed it climateflation. it s an argument that global warming is already contributing to our cost of living pressures. what s the evidence for it? a big driver in the spike of global food prices last year was manifestly the russian invasion of ukraine, which curtailed exports of grain and fertiliser from the country, which is responsible for a large
Cash strapped British consumers are switching away from products which have been downsized by manufacturers in favour of buying products in bulk which offer better value for money.
Even though overall prices for food consumed at home held steady in June after inching up slightly in May, the impact was not even across all categories – causing consumers to continue to trade down and make tough decisions in the grocery aisles to balance their budgets, according to industry insiders.