Global Food Prices to Rise
A recent forecast by two different international agencies, predicts that over the next decade, food prices will rise anywhere from 10 to 40 percent, globally.
The Food and Agricultural Association and the Organization for Economic Cooperation and Development said on Thursday that prices will be heightened by the slow growth of farming worldwide. Due to the limited expansion of agricultural land, environmental factors, and inflation, prices are predicted to remain above the recorded average. The global production is only expected to grow 1.5 percent a year, as opposed to the average 2.1 percent it grew per year during 2003 and 2012.
The reason for the rise in prices is a lack of investment in the agricultural community by governments. The Director of the Organization for Economic Cooperation and Development, Ken Ash, said to reporters at a news conference “We would urge governments around the world to begin to shift and to shift quickly from old-style policies to a greater focus on productivity and innovation.”