FOR IMMEDIATE RELEASE
Grocery Manufacturers Association Statement Regarding
News That the Price of Corn Has Reached an All-Time High at $6 Per Bushel
Contact:
Scott Openshaw, Director, Communications, 202-295-3957
Brian Kennedy, Director, Communications, 202-639-5994
April 4, 2008
WASHINGTON, D.C. - Scott Faber, vice president for Federal Affairs at the Grocery Manufacturers Association, today released a statement in response to recent news that the price of corn has reached an all-time high at $6 per bushel. The price increase was driven by a U.S. Department of Agriculture report released earlier this week, stating that while demand for corn continues to increase, farmers will dramatically reduce corn production this year.
"From milk, to meat, to bread, the overall cost of food is rising twice as fast as the rate of inflation," said Faber.
"The federal government's food to fuel mandates are diverting one-fourth of America's corn supply from kitchen tables to fuel tanks, and the result is corn selling for $6 a bushel, an all time high. And the ripple effects are being felt throughout the economy. In tough times like these, when many families are struggling, Congress and the administration need to take a hard look at the unintended consequences of these food to fuel mandates that raise food prices without offering a significant environmental benefit."
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Based in Washington, D.C., the Grocery Manufacturers Association is the voice of more than 300 leading food, beverage and consumer product companies that sustain and enhance the quality of life for hundreds of millions of people in the United States and around the globe. Founded in 1908, GMA is an active, vocal advocate for its member companies and a trusted source of information about the industry and the products consumers rely on and enjoy every day. The association and its member companies are committed to meeting the needs of consumers through product innovation, responsible business practices and effective public policy solutions developed through a genuine partnership with policymakers and other stakeholders. In keeping with its founding principles, GMA helps its members produce safe products through a strong and ongoing commitment to scientific research, testing and evaluation and to providing consumers with the products, tools and information they need to achieve a healthy diet and an active lifestyle. The food, beverage and consumer packaged goods industry in the United States generates sales of $2.1 trillion annually, employs 14 million workers and contributes $1 trillion in added value to the economy every year.
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