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Posted: 7:58 AM Jul 2, 2007
Consumers Paying Higher Food Prices as Corn prices Soar
Corn prices are as high as an elephant's eye great news for communities on colorado's eastern plains. But shoppers are paying for it in higher prices for many items at the supermarket. Farmers have planted more corn than at any time since World War II because of increasing demand for ethanol.
Reporter: Associated Press |
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Grand Junction, CO (AP) - Corn prices are as high as an elephant's eye great news for communities on colorado's eastern
plains.
But shoppers are paying for it in higher prices for many items at the supermarket. Farmers have planted more corn than at any time since World War II because of increasing demand for ethanol.
Booming Asian economies are using the money they make selling products to the US to buy corn from American farmers.
Patrick Jackman of the US bureau of labor statistics predicts consumers will see one of the most rapid increases in food prices in the last 15 years.
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