Global food prices set to decline

Prices of all major agricultural products are set to decline in real terms over 2015-2024, according to a new global report.

The latest Agricultural Outlook report from the UN’s Food and Agriculture Organisation and the Organisation for Economic Co-operation and Development predicts increased production will push down global food prices, but adds that prices will remain above levels seen before the 2007-2008 surge that heralded a period of high volatility.

“Lower prices have been driven by a combination of supply and demand factors,” said Angel Gurria, OECD secretary general.