Food prices could soar 45% in ten years

Mozo

Wednesday 29 September 2010

Australian consumers face the prospect of sharp food price rises over the coming decade, experts have warned.

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Professor Geoffrey Lawrence of the University of Queensland's Global Change Institute noted that global prices for key commodities like wheat, rice and corn are expected to soar amid rising populations and dwindling land and water supplies.

"It is inevitable that some of this will flow through to the supermarket," he told the Herald Sun.

Such warnings may interest discerning shoppers looking to compare debit cards and plan their future spending and budgets. Professor Lawrence was commenting on the prediction that food prices could rise up to 45 per cent over the next ten years.

Speaking ahead of a food security summit in Brisbane this week, he added that international food prices have already doubled in the past decade.

Meanwhile, JP Morgan economist Helen Kevans recently told the AAP that Australians will be forced to eat into their savings to cover rising levels of debt over the coming year.

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