World Bank: Biofuels Push Up the Price of Food By 75%

Bless them, the Guardian have published the internal World Bank document that suggests that biofuels are responsible for up to three quarters of the recent food price increases. It has so dramatically pushed up the estimate of the share of biofuels in the current crisis that even Robert Zoellick has said

That’s an internal study that we’ve been circulating to people to try to get different views from other aid agencies and different economic analyses. So, my own view is that that is probably at the far end. You see other people talk about ranges of 20 percent, 25 percent. There’s s some [estimates] at the lower end that I think are less credible. So, on this one I think I’m going to rely on the experts to be able to sort it through.

And whose estimates are down the lower end and not credible? That’d be George Bush, who put the impact of biofuels at around, er, 4% tops.

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