I’m hungry. What about food prices?
A questioner says he’s pretty hungry and then asks about the recent issue of rising food prices.
The president says at home we need to expand WIC programs to feed children. And Congress needs to up global aid. But he also wants Washington to buy from and encourage farmers in Africa.
And then, the elephant in the room: food as fuel.
“There’s no question that ethanol has had a part of it, but I do not subscribe to the notion that ethanol is the main cost driver.”
He maintains his stance as an ethanol backer, as interim step to hydrogen.
“Actually the reason why food prices are high now is because energy costs are high.”
And more prosperity in the world is increasing food demand. He notes India’s rising middle class: “When you start getting wealth, you start demanding better nutrition and better food.”
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As the price of 50 lbs (approx. bushel) of corn doubles (from $2.50 to $5.00) you should notice a 5 cent increase for every pound of corn product in your meal. Most family’s meals use less than 5 pounds of corn so 25 cents a meal can be attributed to increased food and the rest of any increase goes the preparation ,packaging, and transportation.