Climate change is likely to drive sharp increases for prices of food and commodities because of weather pattern changes, according to the report about a study commissioned by an international charity.
How farming and agriculture have been impacted by long-term temperature shifts and changes in rainfall have overwhelmed the impact that climate change has had and will have on food prices because of climate change, according to the Oxfam International study cited by Bloomberg. Dirk Willenbockel with the Institute of Development Studies in the U.K. performed the study that serves as the basis of the report.
Harsh weather in one year is capable of drawing spikes in prices that would be equivalent to 20-years-worth of price increases, according to the report.
The study stated the prospect of drought in North America would drive up corn futures 140 percent and wheat futures 33 percent. India and Southeast Asia having less-than-stellar rice harvests could drive up the average of worldwide export prices for rice by 25 percent. Corn prices following a drought in East and West Africa could drive up prices 50 percent.
Oxfam International consists of 17 organizations that help confront the perils of poverty in 90 countries throughout the globe, according to the organization's website.