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Rising Commodity Prices and their Impact upon US Food Inflation

Rising agricultural commodity prices are contributing to the highest rates of food inflation in decades. The underlying driver of the higher commodity prices in past years (2002‐2006) included global economic expansion, rising energy prices, as well as the weak dollar. While these price drivers remain intact today, the rapid expansion in the use of corn to produce ethanol is currently the most significant factor driving corn and other agricultural commodity prices to record levels.

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