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The impact of commodity price rises on consumers' food price inflation: Differences among income groups

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Author Info

  • Stavros Zografakis

    ()
    (Department of Agricultural Economics & Rural Development Agricultural University of Athens)

  • Demetrios Damianos

    ()
    (Department of Agricultural Economics & Rural Development Agricultural University of Athens)

  • Yiorgos Alexopoulos

    ()
    (Department of Agricultural Economics & Rural Development Agricultural University of Athens)

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    Abstract

    "The substantial rise of world prices of agricultural products due to a host of mutually supporting factors that influenced both their supply and demand between 2005 and the first half of 2008 led to a subsequent increase in the price of food at the retail level. Although this trend has reversed recently, official views and researchers stress that within the next ten years the real term prices of important agricultural products are expected to increase substantially to the detriment of, mainly the lower income, consumers. This paper examines the impact of commodity price rises on consumers' food price inflation. It searches among the differences in the composition of food expenses and presents indicative results of a quite different food consumption pattern among EU member states' consumers and within countries. It highlights the impacts of the observed food price increases not only upon low income households, which were found to be relatively more affected than their higher income counterparts, but upon member states with a lower level of economic development as well, which seemed to have lost their price convergence pace. Hence, it stresses the importance of adequate and prompt policy design to alleviate the consequences of future negative price developments."

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    File URL: http://aoatools.aua.gr/RePEc/aua/wpaper/files/2009-4_Zografakis_Damianos_Alexopoulos.pdf
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    Bibliographic Info

    Paper provided by Agricultural University of Athens, Department Of Agricultural Economics in its series Working Papers with number 2009-04.

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    Length: 14 pages
    Date of creation: 2009
    Date of revision:
    Handle: RePEc:aua:wpaper:2009-04

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    Web page: http://www.aoa.aua.gr
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    Related research

    Keywords: Agricultural Products; Prices; Inflation; Food Policy;

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