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World Bank Report: Biofuels Have Contributed Almost Half of the Increase in Global Food Prices

Posted on July 04, 2008

The UK Guardian reports that a confidential World Bank report obtained by the newspaper concludes that biofuels have contributed to almost half of the global increase in food prices a much larger contribution to the price increases than estimated by many. Of the 140% increase since 2002 in the basket of food prices examined in the study, the report estimates that biofuels have been responsible for a 75% jump, while higher energy and fertilizer prices accounted for an increase of 15%.Among the conclusions of the report, according to the Guardian:Rapid income growth in developing countries (...

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