What's sad is Big Food continues to blame American farmers for higher food prices.
Hormel Foods is a member of the Grocery Manufacturers Association which recently launched an aggressive campaign against ethanol blaming it for increases in food prices.
Despite numerous studies that show that rising energy costs are to blame for higher food costs, Big Food continues to raise prices, increase profits and blame farmers.
Hormel Foods said second-quarter profits rose 14 percent is figures released today by the company. The company said its second-quarter profit rose to $77.6 million, or 56 cents per share, up from $68 million, or 49 cents per share, a year earlier. Sales rose almost 6 percent to $1.59 billion, from $1.5 billion a year earlier.
Hormel predicts its 2008 profit forecast will remain between $2.30 and $2.40 per share.
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