Accordingly, policymakers need to treat the current easing in prices as a window of opportunity in which to agree the comprehensive, long-term collective action needed to ensure food security for all in the 21st century.
This is the central argument of The Feeding of the Nine Billion, a new report on food prices and scarcity issues published by Chatham House.
The report argues that long term demand drivers — a population set to reach over 9 billion by mid-century, and the rising affluence and expectations of a growing ‘global middle class’ — are half the story: the World Bank forecasts 50% higher demand for food by 2030.
At the same time, scarcity issues will present increasing challenges on the supply side. Oil prices are set to resume their climb after the downturn, given that investment in new production has collapsed as oil prices have fallen, setting the stage for a future supply crunch.
Food prices are likely to follow them, as biofuels, fertiliser prices and transport costs play their part. Climate change, water scarcity and competition for land will all also push prices upwards over the longer term.

Photo: Curt Carnemark / World Bank