Agriculture more resilient to global crisis than other sectors; Rise in food commodity prices to ease
Jun 18th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The agriculture sector is showing more resilience to the global economic crisis than other industries. But the risks could increase if the economic downturn deepens, according to a new report by the OECD and FAO released on Wednesday. Average crop prices are projected to be 10-20 percent higher in real terms (adjusted for inflation) for the next 10 years compared with the average for the period 1997-2006. Last year’s report saw prices rising by an average of 40 percent over the next decade. The latest forecast sees prices for vegetable oils rising more than 30 percent.