Food Prices Rose ‘Only’ 15% From Oct. to Jan.

By on 4.7.11 | 9:03AM

That's after I relayed yesterday that the U.S. burns "only" 25 percent of its corn as biofuels, which Associated Press insinuated was no big deal. Now this from the New York Times:

Each year, an ever larger portion of the world's crops - cassava and corn, sugar and palm oil - is being diverted for biofuels as developed countries pass laws mandating greater use of nonfossil fuels and as emerging powerhouses like China seek new sources of energy to keep their cars and industries running....

But with food prices rising sharply in recent months, many experts are calling on countries to scale back their headlong rush into green fuel development, arguing that the combination of ambitious biofuel targets and mediocre harvests of some crucial crops is contributing to high prices, hunger and political instability.