Ethanol Not Only Culprit In Rising Food Costs
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Austin Herald:
Despite popular belief, ethanol may not be a prime culprit for higher food prices, according to several panelists at a community forum Monday night.
“I think you’d find that the price of grocery goods don’t necessarily correlate to what happens to prices of corn and soybeans,” said John Monson, vice president of rural markets for Ag Star Financial. “It’s more due, probably, to fuel costs and maybe other transportation costs.”
His remarks, made during a forum hosted by KSMQ and KAAL-TV, refute the suspicions of the 60 percent of Americans that took part in “The Hormel Hunger Study 2007: A National Perspective,” which examined the experience and perceptions of hunger in the U.S.
Hormel Foods said Monday the findings of the survey said that many Americans connected ethanol use, an emerging fuel technology derived from corn, to food inflation because of increases in the crop’s cost. About half of the respondents also said they believed corn subsidies forced food prices up, while reducing U.S. dependence on foreign oil. More.
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