Axios: The era of "climateflation" is here
by Andrew Freedman
What they're saying: "'Climateflation' is all too real, and the numbers are striking," said Gernot Wagner, a climate economist at Columbia Business School who was not involved in the new study.
- "The key bit this study shows: Climateflation does not just affect food prices, its effects reverberate through to core inflation numbers," he told Axios via email, noting the over 1% increase in overall inflation.
- "That 1% alone — or even the study's lower bound of 0.3% — is enormous," Wagner said, pointing to the Fed's goal of stabilizing inflation at 2%.
- He said climate change's role in inflation could be "a significant part" of the Fed's considerations just a decade from now.
Quoted in: "The era of "climateflation" is here, study shows" by Andrew Freedman, Axios (26 March 2024).
