Posted on 06/13/2008 6:26:04 AM PDT by TigerLikesRooster
Surge in Food Prices Expected Through 2012
Fuel costs, a weak dollar, global demand, and ethanol production push up food prices
Posted June 12, 2008
A study released today by the former chief economist of ConAgra Foods forecasts record-breaking food inflation through 2012. The report, by Bill Lapp of Advanced Economic Solutions, estimates food inflation will rise by an average of 9 percent annually between 2008 and 2012. The rate is more than three times the average rate of food inflation in the United States in recent years.
The price explosion is due to rising fuel costs, a weak dollar, growing global demand, and the surge in domestic grains used to produce ethanol. The author calls the government mandate for ethanol production "the most significant factor driving corn and other agricultural commodity prices to record levels."
(Excerpt) Read more at usnews.com ...
Is it time to re-read “Eat the Rich”?
I waiting for news stories to come out about how people are eating cat or dog food because those wascullly wepublicans have caused gas and foods prices to go up so much.
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