Food Prices Soar Thanks To "Big Corn"
From Thursday's IBD:
Rising demand for greener energy began competing in earnest with the food supply in the last year or so. That sent per-bushel corn prices soaring to around $4 a bushel from a historical average closer to $2.
Those higher costs also trickled down to beef, milk, fruit and a host of other staples. May food prices rose 4.7% from a year earlier, according to the latest consumer price index. The cost of eating out rose only slightly less.
The Agriculture Department said consumer food prices will rise 3% to 4% this year, notably faster than last year's 2.3% gain.