Corn prices have plummeted by more than 50 percent over the past six months, while food prices are up 6 percent for the year, according to data released recently by the Bureau of Labor Statistics.
At the same time, energy costs fell 17 percent and transportation expenses dropped 10 percent in November.
“The truth is corn prices have almost no effect on grocery store prices, and apparently even the impact of fuel costs is minimal,” said Randy Woodruff, president of the Wisconsin Corn Growers Association, in a press release.