From the article:
While the above figures consider inflation in the context of the worst-case, highest emissions scenario—where little has been done to mitigate the greenhouse gas emissions coming from human activity that are driving climate change—the researchers said climate change will push inflation up even under even the best-case emissions scenario, with overall inflation rising an average of 0.3 percentage points and food inflation 0.9 percentage points each year through 2035.
Under the best-case emissions scenario, the researchers said the upwards pressure from increasing temperatures on inflation would only be “marginally larger in 2060 than in 2035,” though warned food inflation would exceed 4 points per year across large parts of the world under the worst-case scenario.
Overall, the researchers said their results show climate change will put “persistent upward” pressure of “considerable magnitudes” on inflation over the next few decades regardless of emissions trajectories, adding that mitigating greenhouse gas emissions and new technological solutions like space cooling projects could help limit the risk to the global economy...
The researchers warned that while rising food prices and inflation will hit people living in wealthy and poorer countries alike, it is the global South, particularly countries in Africa and South America, that will be hit hardest. The models also project year-round temperature-driven inflation in low-latitude regions, while only seasonal changes at higher latitudes. The disproportionate impact of climate change, which also includes the impact of other climate-driven issues like weather disasters, displacement and food security, is a perpetual sticking point in negotiations of global climate agreements to mitigate further emissions.