Inflation may have started slowing down now John, but food prices have shot up more than 25% in the last 2 years. [1] Why?

A big part of the reason is fossil fuels and climate change. This is what our latest report - Inflation as an ecological phenomenon - is all about. [2]

The terms ‘climateflation’ and ‘fossilflation’ were first coined back in 2022 by Isabel Schnabel, an executive member of the European Central Bank. [3] We started sounding the alarm about their impact with some videos and blog posts last April. Our new report lays out all the latest research and dives into the details and is a joint piece of work with Positive Money Europe. [4]

Soaring energy bills are just the start of how our dependence on fossil fuels can hit our bank accounts. For example, terrible droughts in Spain and Turkey mean olive crops have failed, sending the price of oil soaring in UK supermarkets. [5]

There’s no denying it John, the climate and cost of living crises are linked. And it’s hitting those on the lowest incomes the hardest. 44% of us are buying less food. [6] Or not buying any at all. The Trussell Trust say their food banks have been stretched to “breaking point”. [7]

Thankfully, knowledge about this link between climate change and rising costs is getting out there. A poll we ran alongside this report reveals 3 in 4 of us are worried about the effect climate breakdown will have on our bills. And yet - just last week - Labour U-turned on their green spending pledge, and oil company BP announced £11 billion in profits. [8]

Politicians should be helping ordinary people John, not standing by while shareholders at Tesco, Asda, and Shell line their pockets.

So we’re demanding the people in power take action. We’re calling on the Chancellor and the Bank of England to break free from fossil fuels to help bring prices down for good.

Sign the petition to Jeremy Hunt by hitting the button below.

Thanks for your support,

Hannah, Positive Money

Notes:

[1] House of Commons: Rising cost of living in the UK 

[2] Positive Money: Inflation as an ecological phenomenon  

[3] European Central Bank: A new age of energy inflation: climateflation, fossilflation, and greenflation 

[4] Positive Money Europe: New report: Inflation as an ecological phenomenon 

[5] EuroWeekly: 2024 sees olive oil prices hit record high

[6] Office for National Statistics: Cost of living insights: Food

[7] The Trussell Trust: Talking to politicians about building a future where no one needs a food bank 

[8] Sky News: BP bolsters shareholder payouts as annual profits halve

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