Scorching Hot Food Inflation Today, we are seeing the US dollar go up and gold go down. That's interesting, considering that inflation is nowhere near tamed.U.S. Agriculture Secretary Ed Schafer: " We are anticipating this year an over 40 percent increase in food price inflation globally, 43 percent approximately." Schafer added: "Of that we can identify two to three percent of that price increase that is driven by biofuels."So Mr. Schafer says something to scare the pants off us -- 43% food inflation. The same number was cited by Edward Lazar, chairman of the Council of Economic Advisors, in his testimony to the Senate last month. Most people seem to have missed that.At the same time, Schaefer's 2% to 3% figure for biofuel-caused inflation sounds bogus. So what can we believe?If you believe the IMF, the ...