"We have been used to very modest increases in food prices. In fact over the last couple years food prices have gone up somewhere between (2 and) 2.5 percent a year," says Dr. Walden, a professor of agricultural and resource economics. "That's very modest. Food costs as a percent of our total income are way down in fact the lowest in history.

"But recently ... we have seen food price inflation move higher. In fact, currently it's running at about 3.5 percent a year. Some economists think it could go up to as high as 4 percent -- and perhaps stay there for several years," he adds.

"And what's behind this is at least right now is the big move toward ethanol. And again what's happening is that we make ethanol from corn in this country. So more corn is being used for ethanol," Walden says. "That means there's less corn importantly to be used as feed particularly for beef and chickens, and that's pushing up food prices.

"And so we are probably going to see these somewhat elevated food prices for a while," he concludes, "until enough additional corn is planted to satisfy both the food market as well as the ethanol market."