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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This post was originally published at Naija AgroNet and has been republished with permission.

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