Skip to content

Consumers Face Unprecedented Increase in Food Costs

February 25, 2008

It’s no illusion that you’ve recently been paying more for a loaf of bread, and the USDA reports that the trend will continue. Industry insiders predict that the rising cost of food will outpace the general rate of inflation over the next two years, affecting the shopping and eating habits of a huge segment of Americans. As the price of corn and other grains has surged, livestock farmers have been forced to increase prices in order to absorb feeding costs. The USDA’s chief economist attributes this rapid inflation in part to the biofuel industry’s demand for corn, which has monopolized a portion of that market. To combat this tension between the demands for fuel and food, agricultural companies are funding new research in the hope of producing new high-yield corn seeds.

Advertisements
No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: