14 Jun 2011The growing demand for food worldwide has led to the re-appearance of serious food inflation, after 17 years of relatively flat food prices. Currently, South Africa’s food prices aren’t soaring because of the stronger rand. But local demand is on the increase.
This could lead to new opportunities and structural changes in the agricultural sector, said Rico Basson, First National Bank’s agricultural regional head for the Eastern and Western Cape. Addressing the recent Agri Wes-Cape Young Farmer Congress, he said global food demand will be driven by a growing world population, which is set to increase by 47% (to roughly 8,9 billion) by 2050, and by growth in emerging markets with large populations, such as China and India.
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