Angela Bishop, 39, has been grappling with what she describes as the “ever-increasing cost of everything” in recent years. While groceries are a major source of stress, she finds some relief in the free school lunches her four children receive. However, the rising prices of gas, utilities, and clothing have been major pain points for her family. “We’ve watched prices skyrocket before our very eyes,” Bishop laments. She and her family moved from California to Richmond, Virginia a few years ago in hopes of escaping the cycle of living paycheck to paycheck, but the current financial climate has her worried that they will soon be struggling once again.
Bishop’s story is not unique. Families across the country are facing similar financial challenges. Despite a significant slowdown in inflation, which is the rate at which the average prices of goods and services increase over time, consumer prices have still risen by more than 21% since February 2020. This frustration with the rising cost of living was a major factor in many voters’ decision to support President-elect Donald Trump, who campaigned on ending inflation. However, climate change, one of the main drivers of inflation, was not a top concern for most voters. In fact, only 37% of voters considered it to be a “very important” issue in the election.
Bishop believes that this may be due to the complexity of understanding how extreme weather events can impact the economy. While she acknowledges that climate change plays a role in inflation, she is not entirely sure how. In 2022, the United States experienced a record-high inflation rate of 9%, the highest in over 40 years. This was part of a global trend, as the lingering effects of the pandemic, Russia’s invasion of Ukraine, higher fuel and energy prices, and food export bans issued by several countries all contributed to a global cost of living crisis that pushed millions of people into poverty. Extreme weather events were also a major factor in driving up prices, according to Alla Semenova, an economist at St. Mary’s College of Maryland. “Climate change is a crucial piece of the inflation puzzle,” she explains.
In February of 2022, the United States experienced a record-high inflation rate of 9%, the highest in over 40 years. This was part of a global trend, as the lingering effects of the pandemic, Russia’s invasion of Ukraine, higher fuel and energy prices, and food export bans issued by several countries all contributed to a global cost of living crisis that pushed millions of people into poverty. Extreme weather events were also a major factor in driving up prices, according to Alla Semenova, an economist at St. Mary’s College of Maryland. “Climate change is a crucial piece of the inflation puzzle,” she explains.