Fred Business News - World food prices will fall from current peaks in the coming years but will remain "substantially above" average levels from the past decade, a report said Thursday.
The world's poorest nations are most vulnerable - particularly the urban poor in food-importing countries - and will require increased humanitarian aid to stave off hunger and undernourishment, a joint agricultural outlook by the Organization for Economic Cooperation and Development and the U.N. Food and Agriculture Organization said.
High oil prices, changing diets, urbanization, expanding populations, flawed trade policies, extreme weather, growth in biofuel production and speculation have sent food prices soaring worldwide, trigging protests from Africa to
"There is a real need to foster growth and development in poor countries and to assist in developing their agricultural supply base," the report said.
The report is based on a forecast of the cereals, oilseeds, sugar, meats, milk and dairy products markets for the period 2008 to 2017. It reflects agriculture and trade policies in place in early 2008 and includes an assessment of the biofuels markets for bioethanol and biodiesel.
Despite the price hikes, general price levels have remained "remarkably stable," suggesting that inflation in the coming decade will "remain low," the report says.
Compared with the previous decade, the report said average prices over 2008-2017 for beef and pork should rise 20%; sugar around 30%; wheat, maize and skim milk powder 40 to 60%; butter and oilseeds more than 60%; and vegetable oils over 80%.
Source: Cnn.com
About Fred: Fred is president of The I Team Organization. With a back ground in agriculture Fred has lead many successful business ventures.
