Blame It on Biofuels

The rise of per capita income in emerging markets is itself responsible for as much as one third of the current food-price inflation, say experts. With wealth rising, the globe warming and no technological fix in sight, higher food prices are unlikely to be a short-term phenomenon (as they would be if the ethanol craze were the primary cause). The good news may be that more poor people will get rich enough to buy corn anyway.

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