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Analyzing Factors Affecting U.S. Food Price Inflation

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  • Jungho Baek
  • Won W. Koo

Abstract

"Since the summer of 2007, U.S. food price inflation has increased dramatically. Given public anxiety over fast-rising food prices, this study attempts to analyze the effects of market factors-prices of energy and agricultural commodities and exchange rate-on U.S. food prices using a cointegration analysis. Results show that the agricultural commodity price and exchange rate play the key roles in determining the short- and long-run movement of U.S. food prices. It is also found that in recent years, energy price has been a significant factor affecting U.S. food prices in the long run, but has little effect in the short run. This implies the strong linkage between energy and agricultural markets in the long run over the recent years." Copyright (c) 2010 Canadian Agricultural Economics Society.

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Bibliographic Info

Article provided by Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie in its journal Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie.

Volume (Year): 58 (2010)
Issue (Month): 3 (09)
Pages: 303-320

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Handle: RePEc:bla:canjag:v:58:y:2010:i:3:p:303-320

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  1. Anindya Banerjee & Robin L. Lumsdaine & James H. Stock, 1990. "Recursive and Sequential Tests of the Unit Root and Trend Break Hypothesis: Theory and International Evidence," NBER Working Papers 3510, National Bureau of Economic Research, Inc.
  2. Elliott, Graham & Rothenberg, Thomas J & Stock, James H, 1996. "Efficient Tests for an Autoregressive Unit Root," Econometrica, Econometric Society, vol. 64(4), pages 813-36, July.
  3. Johansen, Soren, 1995. "Likelihood-Based Inference in Cointegrated Vector Autoregressive Models," OUP Catalogue, Oxford University Press, number 9780198774501.
  4. Perron, P, 1988. "The Great Crash, The Oil Price Shock And The Unit Root Hypothesis," Papers 338, Princeton, Department of Economics - Econometric Research Program.
  5. Bent Nielsen, 2000. "Cointegration Analysis in the Presence of Structural Breaks in the Deterministic Trend," Econometric Society World Congress 2000 Contributed Papers 1494, Econometric Society.
  6. Johansen, Søren & Juselius, Katarina, 1992. "Testing structural hypotheses in a multivariate cointegration analysis of the PPP and the UIP for UK," Journal of Econometrics, Elsevier, vol. 53(1-3), pages 211-244.
  7. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
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Cited by:
  1. Irz, Xavier T. & Niemi, Jyrki S. & Xing, Liu, 2011. "Determinants Of Food Price Inflation In Finland," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 114460, European Association of Agricultural Economists.
  2. Nazlioglu, Saban & Soytas, Ugur, 2011. "World oil prices and agricultural commodity prices: Evidence from an emerging market," Energy Economics, Elsevier, vol. 33(3), pages 488-496, May.
  3. Irz, Xavier & Niemi, Jyrki & Liu, Xing, 2013. "Determinants of food price inflation in Finland—The role of energy," Energy Policy, Elsevier, vol. 63(C), pages 656-663.
  4. Nazlioglu, Saban & Soytas, Ugur, 2012. "Oil price, agricultural commodity prices, and the dollar: A panel cointegration and causality analysis," Energy Economics, Elsevier, vol. 34(4), pages 1098-1104.

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