IMF and USDA disagree by a factor of ten on impact of ethanol on food prices as emergency FAO Food Summit begins in Rome

Policymakers are gather in Rome for the FAO Food Summit over the next two days. The US agriculture secretary, Ed Schafer, and the International Monetary Fund disputed the impact of corn ethanol production on world food prices. Secretary Schafer said that US research showed that biofuels were contributing “2 to 3%” of the increase, while IMF research concluded that the impact of biofuels was “20-30″ percent of total food price increases since 2006. Secretary_general Ban Ki-Moon is expected to call for a suspension of trade halts and price controls that have been pushing prices of staple foods to 30-year highs, particularly rice. The Secretary-General is also expected to call for a phase-down in biofuels subsidies.

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