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Relative prices, consumer preferences, and the demand for food

Author

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  • Rachel Griffith
  • Martin O’Connell
  • Kate Smith

Abstract

Shocks to world commodity prices and the depreciation of sterling led to a large increase in the price of food in the UK. It also resulted in large changes in the relative prices of different foods. We document these changes, and consider how they affected the composition of households’ shopping baskets. We isolate the impact of changes in relative food prices from variation in preferences using data on purchasing decisions made by a representative panel of British households. We show that changes in relative food prices led to a worsening in the nutritional quality of households’ shopping baskets, though this was partially mitigated by offsetting changes in preferences.

Suggested Citation

  • Rachel Griffith & Martin O’Connell & Kate Smith, 2015. "Relative prices, consumer preferences, and the demand for food," Oxford Review of Economic Policy, Oxford University Press, vol. 31(1), pages 116-130.
  • Handle: RePEc:oup:oxford:v:31:y:2015:i:1:p:116-130.
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    File URL: http://hdl.handle.net/10.1093/oxrep/grv004
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    Cited by:

    1. Dragone, D. & Ziebarth, N.R., 2015. "Non-Separable Time Preferences and Novelty Consumption: Theory and Evidence from the East German Transition to Capitalism," Health, Econometrics and Data Group (HEDG) Working Papers 15/28, HEDG, c/o Department of Economics, University of York.
    2. Rachel Griffith & Martin O'Connell & Kate Smith, 2016. "Shopping Around: How Households Adjusted Food Spending Over the Great Recession," Economica, London School of Economics and Political Science, vol. 83(330), pages 247-280, April.
    3. Jibonayan Raychaudhuri & Ada Wossink, 2018. "Ecolabels and The EconomicRecession," The School of Economics Discussion Paper Series 1807, Economics, The University of Manchester.
    4. Dragone, Davide & Ziebarth, Nicolas R., 2017. "Non-separable time preferences, novelty consumption and body weight: Theory and evidence from the East German transition to capitalism," Journal of Health Economics, Elsevier, vol. 51(C), pages 41-65.

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