Global food prices set to stagnate as population growth slowing

  • Business Premium
  • Tuesday, 05 Jul 2016

Fish eaters: Frozen fish on sale are displayed at an International supermarket in Hong Kong. According to FAO data, Hong Kong people are reportedly the second largest consumers of seafood per capita in Asia and the seventh largest in the world. – EPA

LONDON: Food prices will stagnate over the next decade as the population growth rate declines and income expansion in emerging economies slows.

Food costs will stabilise at a level slightly higher than in the years before the 2007-08 price spike, the Organisation for Economic Cooperation and Development (OECD) and the United Nations’ Food & Agriculture Organisation (FAO) said in a joint report. Population growth, the main driver of food prices, will slow to 1% annually through 2025, the organisations said.

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