Honey willlast a very long time, but will tend to deteriorate over time
as a result of various chemical processes, including oxidation and
denaturing of more complex minor constituents. If you want to know more
Eva Crane wrote an encyclopaedic treatise called "Honey: A Comprehensive
Survey" published by Crane, Russak & Co., Inc., New York.
 
Honey generally does not support microbial life because it is such a
highly concentrated sugar solution. However, if it is dilute (e.g.
more than 20% water) the fermentation can start. This is a problem in humid
countries of the tropics and can affect honey in North America too.
 
Anyway, try to get Dr. Crane's book from your library and learn more
than you ever wanted to know about HONEY.
Cheers, Peter Kevan, U of Guelph, Guelph, Canada.