Biofuels responsible for 75% lift in prices

An unpublished report from the World Bank shows that the EU and US drive for biofuels has lifted the prices of world food crops by some 75 percent.

A basket of food prices by the study shows that food prices have risen by 140% between 2002 and February of this year. The report is so far unpublished, arguably to prevent embarassment to George Bush according to the Telegraph. But it has pushed 100 million people into poverty.

There are now calls to scrap the 10% target for biofuel use in petrol and diesel in the EU, and indeed the UK has moved in this direction. Others dispute the figure of 75%, but it is clear that the dash to biofuels has caused more harm than good with food prices rocketing and rain forests felled. A more measured response is necessary.

See: Telegraph - Biofuels cause 75pc increase in food prices, report says

Andrew S