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White House warns of continuing high food bills
China News.Net
Thursday 15th May, 2008
White House officials claim high global food prices will linger for two to three years while the world replenishes food stocks.
President George Bush's Council of Economic Advisors has predicted prices will continue to stay high, but not escalate at the same rate as they did last year.
The economic group says prices will stay high until food inventories, which have been brought on by disappointing harvest and surging demand in developing countries, are rebuilt.
The group, which, along with President Bush, has been embracing biofuels as an alternative to foreign oil, contends that ethanol use will only account for only up to three per cent of the overall increase in global food prices.
Others, including the American Farm Bureau Federation, believe that it accounts for up to 30 per cent of the surge.
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