What's To Blame For High Food Prices?

Late Thursday afternoon, President Bush announced he wants Congress to approve more than $700 million dollars in global food aid. Around the world, there have been some food shortages. And here at home, consumer spending was up almost half a percent in march -- in part, because of soaring food prices. Now, congress is asking the question many of us ask every time we go to the store: Why do groceries cost so much? Just since last march, pasta, beans and bread are up 12 to 17% milk - nearly 20% flour and eggs -- almost 30%. Fuel is partly to blame. It costs truckers more to get food to the store. Ironically, developing biofuels...like ethanol...uses a quarter of Americas corn crops...so you pay more for the corn thats left. Farmers say theyre not getting all that money: "Theres a lot of people between the farm and the table, the consumer, that are using this opportunity to raise prices along the way and then turn around and blame the farmer." The governments top agricultural economist blames weather. "If we were to have a poor crop, that would exacerbate a currently very tight situation." It could get tighter. The government predicts food prices may go up another five percent this year.