Commodity prices - and resulting food prices - are rising sharply, driven by a combination of factors that include high oil prices spurring biofuels growth, a weak dollar and world production and consumption trends, according to an analysis by Purdue University agricultural economists.
In a Farm Foundation commissioned report released on Wednesday (June 23), the Purdue economists - Phil Abbott, Chris Hurt and Wally Tyner - highlight key factors gleaned from examining 25 recent studies plus their own analysis. Their conclusion: a complex combination of factors are fueling agricultural commodity price increases and rising food costs.
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