Data released by the U.S. Department of Labor showed a 1.7 percent decline in the Consumer Price Index in November, which is the largest decrease since 1932. Despite steep decreases in things like energy and transporation, food prices continued to increase. In response, Growth Energy released the following statement:
"Once again, today's consumer price index showed a record plunge in prices for consumers on everything except food. Astoundingly, despite lows for everything else, large food manufacturers actually increased their prices and continue to profit. With corn prices down 53 percent from June and gas prices falling 47 percent below its July peak, it is clear that ethanol is not the culprit for rising food prices. The real driver of food prices is Big Food's desire to keep their profit margins up at the expense of hard-working Americans who are facing difficult times."
"Compared to November 2007, the cost of food at home was up an incredibly high 7 percent. It's really unbelievable that, in this tough economy, right before the holidays, Big Food producers are still increasing their prices."
To find out more on Growth Energy's views on Food Prices click here.
|
