Had the annual rate of inflation been exactly 2 per cent since 1995, when we settled on that figure as our target, the consumer price index would have risen from a level of 102.8 in December 1994 to 127.6 in October of this year. The actual price level for October was 128.5 - a minimal difference, as it turns out.
This range of possible future physical outcomes arising from climate change is crucial to understanding “climate risks” (or better again, “climate uncertainties”). Climate and econometric models that integrate different climate scenarios and their potential economic impacts to assess these risks are being developed and refined, but measuring the economic costs of climate change (and of climate policies) is a work in progress.