Food Jargon of the Day: Agflation

Agflation
Investopedia defines agflation as "an increase in the price of food that occurs as a result of increased demand from human consumption and use as an alternative energy resource. While the competitive nature of retail supermarkets allows some of the effects of agflation to be absorbed, the price increases that agflation causes are largely passed on to the end consumer." For example, rising demands for biofuels will likely cause the prices of corn and soybean oil to rise further due to agflation.