Food Price Facts from Foodpricetruth.org

A new website, foodpricetruth.org, offers the following interesting factoids regarding corn and food prices.

Did you know:
The biggest reason food costs more today is fuel prices. USDA Secretary Schafer recently stated: “Higher oil prices affect much more than just the cost of driving; they are actually one of the major factors behind higher food costs.”

Did you know:
The USDA and the White House Council of Economic Advisors have stated that increased corn demand is only responsible for “3 percent of the more than 40 percent increase we have seen in world food prices this year.”

Did you know:
Ethanol should actually keep food prices down. According to Merrill Lynch, biofuels have reduced gasoline and diesel prices by 16-25%. If gas prices go up, food costs go up.

Did you know:
While it is true that U.S. food prices have increased about 4.5% this year, nearly all experts agree that today’s food price increases can be attributed to a combination of factors, including record oil prices, the declining value of the U.S. dollar, increased demand for grain from developing economies around the world, rampant speculation on the commodities market, weather related production shortages worldwide (especially wheat), and food company profiteering.

Did you know:
Weather related events have always affected food prices and that is no different today. In 2007, the U.S., Canada, Australia and Europe all experienced production shortfalls due to weather related causes.

Did you know:
Ethanol is made from “dent” or yellow “feed” corn. People accuse ethanol of increasing the price of beer, pasta and tortillas, which is curious because none of those products are made from “dent” corn.

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