Meat prices will fall to historic lows over the next decade
Meat prices will fall to historic lows over the next decade and other foods should also become cheaper as population growth slows and farms become more efficient.
Costs have spiked in recent years as surging demand from a larger and increasingly wealthy global population have put pressure on supplies.
But those demographic strains should ease in the next 10 years at the same time as production is ramped up as the agriculture industry becomes more productive, the Organisation for Economic Co-operation and Development (OECD) believes.
Global meat prices are set to fall by 18pc in real terms by 2027, taking costs below levels seen at any point since the OECD’s records began in 1990.
The biggest fall is expected in beef, amounting to an average annual price cut of 2.7pc, followed by lamb and mutton at 2pc and poultry at 1.5pc.
This is driven by more effective production. The OECD expects beef output to rise 16pc and sheep meat 21pc, without using any extra land to achieve this increase.
Consumers of cereals can look forward to a price drop of around 13pc – led by an anticipated annual drop of 1.65pc for rice – while oil seed prices are expected to drop by 6.2pc
Buyers of dairy products – who may need relief the most after the recent "butter bubble" sent prices spiralling – can also look forward to a drop of almost 10pc.