Food Prices Going Up?
By: Web Producer
Updated: April 23, 2008
Americans Stock Up On Food As Prices, Demand Increases
As the food industry ups its prices, Americans are stocking up on the necessities.
The "Washington Times" reports people are filling their pantries and basements with foods such as rice flour and oil in anticipation of higher prices and product shortages.
Farmers and food executives are appealing to the Commodity Futures Trading Commission to implement steps to limit speculative buying.
With no results so far, they are threatening to take their case to Congress.
President of the National Farmers Union, Tom Buis, compares the food price crisis to the credit crisis.
He says, quote, "we dont want a lack of oversight and regulation to lead to a similar crisis in rural America.
The CFTC says the high prices are the result of an increased world demand for grains.
Chairman Walter Lukken said, quote, "during such turbulent times, it is tempting to shoot first and ask questions later." He stressed there is no single solution to solve the food industry crisis.
(Copyright 2008 by Newsroom Solutions)
RNS-04-23-08 0846CDT
