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Global food price will slow down

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According to the report jointly released by the OECD and the United Nations, as global demand for food and fish tends to stabilize and the supply of raw materials increases, food prices adjusted according to the inflation rate will decline in the next few years and remain stable before 2030. It is estimated that the global demand for agricultural products will increase by 1.2% annually in the next 10 years, 1 percentage point lower than the average annual growth rate in the past decade. 

If developing countries are committed to developing infrastructure, scientific research and rational allocation of resources, the average annual growth rate of global agricultural production will reach 1.4% in the next 10 years, but the growth of agricultural production in North America, Western Europe and Central Asia will slow down due to strict environmental protection policies. The report points out that if countries lift international travel restrictions and speed up the return of workers, agricultural production will gradually get on the right track.

Source: Economic and Commercial Office of the Embassy in the Russian Federation