Food Prices Soar Due to Climate Change: Chocolate, Seaweed, and Olive Oil
A recent study highlights a troubling trend: the prices of everyday foods like chocolate, seaweed, and olive oil are skyrocketing due to worsening crop conditions caused by climate change. The food industry is already reflecting the increased raw material costs, and future price hikes seem inevitable if climate inflation continues.
Rising Cocoa Prices
As of June 21st, the price of cocoa futures on the ICE Futures Exchange in the United States was $8,905 per ton, nearly three times higher than the same period last year. After soaring to more than $10,000 per ton in April, cocoa prices have remained in the $9,000 range. Climate change is the main driver of this price surge.
The so-called 'El Niño' phenomenon, characterized by rising water temperatures near the equator, has led to abnormal temperatures in Ghana and Ivory Coast, major cocoa-producing countries in West Africa. This has sickened cocoa trees and sharply reduced production. An industry official noted that even if new trees are planted, it can take five to six years to harvest. Consequently, companies like Lotte Well Food, Hershey, and Ferrero have raised chocolate product prices by 10-12% recently.
Impact on Seaweed Prices
Seaweed, a staple in many diets, is also experiencing significant price increases. The popularity of Korean frozen gimbap has boosted exports, but rising water temperatures in areas like Wando have decreased seaweed production. The price of raw seaweed has doubled this year compared to last. Companies such as Biblical foods, CJ Cheil Jedang, and Dongwon F&B have raised prices due to this shortage.
Olive Oil Price Surge
Olive oil is another product heavily affected by climate inflation. In Korea, it's used in various dishes, from pasta to chicken. Olive oil production in Spain, which accounts for 60% of the world's supply, halved last year. High temperatures, droughts, and wildfires have caused 40% of olive trees in Spain to disappear. Consequently, Spain produced only 600,000 tons of olive oil last year, less than half of the average production of 1.6 million tons. Companies, including CJ CheilJedang, have raised olive oil prices by 30% as a result.
Frequently Asked Questions (FAQs)
Q1: What is climate inflation? A1: Climate inflation refers to the rising prices of goods and services caused by climate change impacts, such as extreme weather events and changing agricultural conditions.
Q2: Why are cocoa prices rising? A2: Cocoa prices are rising due to abnormal temperatures caused by the El Niño phenomenon, which has severely affected cocoa production in West Africa.
Q3: How does climate change affect seaweed production? A3: Rising water temperatures have decreased seaweed production in regions like Wando, leading to higher prices due to reduced supply.
Q4: Why is olive oil becoming more expensive? A4: Olive oil prices are increasing because high temperatures, droughts, and wildfires have significantly reduced olive production in Spain, the world's largest producer.
Q5: Are these price increases permanent? A5: The permanence of these price increases depends on future climate conditions and agricultural production. If climate change impacts persist, prices may remain high or continue to rise.
Article for Environmental Activists and Interested Citizens
Climate Change Drives Food Prices Higher: Chocolate, Seaweed, and Olive Oil Affected
Environmental activists and concerned citizens should be aware of the profound impact climate change is having on the prices of everyday foods. A recent study reveals that climate inflation is driving up the costs of chocolate, seaweed, and olive oil, with no immediate relief in sight.
Cocoa futures have nearly tripled in price due to abnormal temperatures in Ghana and Ivory Coast. This has led companies like Lotte Well Food and Hershey to increase chocolate product prices by 10-12%. Similarly, seaweed prices have doubled as rising water temperatures decrease production, affecting companies like CJ Cheil Jedang and Dongwon F&B.
Olive oil is also seeing a significant price surge, with Spain's production halving due to extreme weather conditions. This has resulted in a 30% price increase from companies like CJ CheilJedang.
This trend highlights the urgent need for climate action to mitigate these impacts and protect our food supply. Understanding these connections between climate change and food prices is crucial for driving policy changes and supporting sustainable practices.
#ClimateChange #FoodPrices #SustainableAgriculture #ClimateAction #EnvironmentalImpact
