New Op-ed up at Fox News: Ethanol Mandates Cause Rising Food Prices
Food prices are rising worldwide. Some nations, such as Egypt and Cameroon, are facing riots as the prices for basic food stuffs rise. Other countries from India to Cambodia have banned food exports to try and keep prices low and reduce voter anger.
In the U.S., the Wall Street Journal last week gave advice normally associated with survivalists warning about the end of civilization. Readers were warned to start hoarding non-perishables ("Dried pasta, rice, cereals, and cans of everything from tuna fish to fruit and vegetables").
But in case anyone missed the seriousness of the message, the Journal went so far as to give the extra advice that: "You should also save money by buying them in bulk."
Not all food prices are soaring, however. Food and beverages as a group aren’t rising much faster than overall inflation. Inflation over the last year was slightly under 4 percent, with food and beverages at 4.4 percent. . . .
UPDATE: IBD notes that "The International Monetary Fund says U.S. ethanol production accounts for half the rise in global corn demand since 2005."