Corn a Major Factor in Hike of Food Prices

Food prices are increasing at their highest rate in years. One reason why is the rising cost of corn -- as more and more of it is being used to make ethanol. Corn is the building block for much of our food supply, from animal feed to what’s used in many foods and beverages. We'll explore the link between rising food prices and our nation's policy to increase ethanol production with UCSD macroeconomist James Hamilton.

Guest

• James Hamilton , professor, UCSD economics department.

Stats at a glance :

• A Yoplait Yogurt Smoothie used to be $1.50. Now, it's $1.69.
• A box of Kraft Macaroni and Cheese used to cost you just one dollar. Now, it costs a $1.25.
• A carton of Quaker instant oatmeal was once $4.19. Now, it's $4.78.
• And, for a gallon of whole milk, you used to pay $2.20. Now, you pay $2.60.