The link between increased food prices and more use of bio-fuel is incorrect according to General Motors president and chief executive Rick Wagoner. He has dismissed United Nations research that links biofuel production to rising food prices as 'shockingly misinformed'.

The UN's Food and Agricultural Organisation has linked biofuels production, alongside factors such as crop failures and the falling dollar, to the spike in world food prices.

The General Motors chief said: "If you look at what's causing higher (bio)fuel prices, the cost of corn is a very small part of that."

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