The duo of Organisation for Economic Co-operation and
Development ( OECD) and Food
and Agricultural Organisation (FAO) have predicted a decline in growth in the
world food prices, reports NaijaAgroNet.
A joint press statement on the OECD-FAO Agricultural Outlook
2017-2026, informed NaijaAgroNet that
the global food commodity prices are projected to remain low over the next
decade compared to previous peaks, as demand growth in a number of emerging
economies is expected to slow down and biofuel policies have a diminished
impact on markets, according to the latest 10-year agricultural outlook published
today by the OECD and FAO.
The Outlook also predicted that vegetable oils, sugar and
dairy products are expected to be main provider of additional calories over
next decade.
Equally, the Agricultural Outlook, NaijaAgroNet gathered
indicated that the completed replenishment of cereal stocks by 230 million
metric tonnes over the past decade, combined with abundant stocks of most other
commodities, should also help limit growth in world prices, which are now
almost back to their levels before the 2007-08 food price crisis.
The report foresees per capita demand for food staples
remaining flat, except in least developed countries. Additional calories and
protein consumption over the outlook period are expected to come mainly from
vegetable oil, sugar and dairy products.
“Growth in demand for meat is projected to slow, with no new
sources of demand projected to maintain the momentum previously generated by
China,” part of the outlook showed.
Isaac Oyimah/GEE
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