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OECD, UN predict 40% rise in food prices by 2020

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Thursday, 24 June 2010

OECD, UN predict 40% rise in food prices by 2020

Growing demand from emerging markets and biofuel production are expected to drive up farm commodity prices leading to increased food insecurity, warns the latest outlook on global agricultural markets.While farm commodity prices have fallen from their record peaks of two years ago, they are "unlikely to drop back to their average levels of the past decade," stresses the Agricultural Outlook 2010-2019, jointly prepared by the Organisation for Economic Co-operation and Development (OECD) and the UN Food and Agriculture Organisation (FAO).Instead, the report published on 15th  June warns that the average wheat and coarse grain prices will be between 15-40% higher in real terms (adjusted for inflation) over the next ten years compared to their average levels during the 1997-2006 period.Real prices for vegetable oils are projected to be more than 40% higher and dairy prices have soared by an average of 16-45%.The report covers biofuels, cereals, oilseeds, sugar, meats and dairy products over the 2010-19 period. Its market assessments are based on "a set of underlying assumptions regarding macroeconomic factors, agricultural and trade policies and production technologies" and assume normal average weather conditions and long-term productivity trends.

Source: euractiv.com