Higher energy prices have greatly added to the costs of transporting, processing, manufacturing, storing and distributing the food we eat. Higher energy prices also have dramatically increased the prices U.S. farmers are paying for the inputs they need to plant, grow and harvest their crops.The report notes multiple factors in food cost increases including
- the explosion in energy costs,
- the surging demand for food and livestock feed from a growing and increasingly prosperous middle class in countries like China and India,
- drought and other weather patterns that reduced yields in numerous regions of the world,
- the declining value of the U.S. dollar, and
- export restrictions imposed by some countries.
Biofuels, such as ethanol from corn and biodiesel from soybeans, are making a contribution to the world’s fuel supply, which is holding gasoline and diesel prices lower at the pump for consumersSource: American Soybean Association
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