G.M.A. responds to record-high corn prices
April 04, 2008
by FoodBusinessNews.net Staff
WASHINGTON — The overall cost of food is rising twice as fast as the rate of inflation, said Scott Faber, vice-president of federal affairs for the Grocery Manufacturers Association, in response to the news that the price of corn has reached an all-time high of $6 per bu.
"The Federal Government’s food-to-fuel mandates are diverting one-fourth of American’s corn supply from kitchen tables to fuel tanks, and the result is corn selling for $6 a bushel, an all-time high," Mr. Faber said. "And the ripple effects are being felt throughout the economy. In tough times like these when many families are struggling, Congress and the administration need to take a hard look at the unintended consequences of these food-to-fuel mandates that raise food prices without offering a significant environmental benefit."