Kraft Reports Profits as Consumers Struggle with Recession

Kraft Foods has announced its profits rose 10-percent to 660-million dollars in the first quarter. Growth Energy CEO Tom Buis (by-us) notes this increase is partly due to higher prices for consumers - at a time when putting food on the table got harder for more and more Americans. According to Buis - it’s now been 175 days since Growth Energy launched its countdown clock - challenging food manufacturers to lower their prices and stop using ethanol as a scapegoat for food price hikes.

Buis points out that commodity prices - including those for corn and energy - have dropped drastically since last summer - proving that the claims of the highly profitable food industry have no basis in reality. He says expert after expert and study after study - including one by the non-partisan Congressional Budget Office - has shown ethanol is not to blame for food price increases. Buis says Big Food should admit its argument about biofuels last year was fundamentally flawed - or give American families some relief at the supermarket. Growth Energy’s countdown clock - he says - is still ticking.