Address climate change to keep inflation manageable – ADB
MANILA, Philippines — The Philippines will have to work double time in addressing the impacts of climate change, as consumers are bearing the brunt of high costs of basic needs due to the environmental crisis.
In its recent blog, Manila-based Asian Development Bank said a “climate change inflation” is now more evident than ever, as prices of food and other products and services are soaring and are more volatile.
ADB Economic Research and Regional Cooperation department advisor Yesim Elhan-Kayalar said this can be said for both rich and poor countries like the Philippines amid its effects on biodiversity, energy, food, water, housing, and public health.
True enough, the Philippines dealt with stubbornly high inflation all year round, breaching government targets for the whole of 2021.
This is largely due to high food inflation, particularly meat, and increased transport inflation amid soaring oil prices. Prices of commodities also shoot up whenever the country is hit by typhoons and other natural calamities.
Elhan-Kayalar argued the cyclical effects of climate change, extreme weather events, and global warming, have an impact on agriculture, tourism, and other weather dependent industries.
“Higher temperatures and erratic precipitation levels reduce annual yield and quality of key food crops, cause crop failures, reduce access to food, and even help proliferate weeds and pests, which further erode crop yields,” Elhan-Kayalar said.
She noted that such scenarios result in higher food prices and declining food security, which would most significantly affect the poorest and most vulnerable sectors of society.
The United Nations Food and Agriculture Organization estimated that global food prices spiked over 30 percent in just a year into the pandemic.
The Philippines will have to work double time in addressing the impacts of climate change, as consumers are bearing the brunt of high costs of basic needs due to the environmental crisis.
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