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EU Food price inflation amid global market turbulences

Author

Listed:
  • Kornher, L.,
  • Balezentis, T.
  • Santeramo, F.G.

Abstract

Global food markets are in turmoil with agricultural input and energy prices doubling between 2020 and 2022, and driving food price inflation with immediate consequences on food accessibility. We examine the causes of the recent EU food inflation patterns, focusing on domestic vis-à-vis international components, and on the role of transaction costs. Using cross country and cross sectoral panel regressions, we show that the EU food price inflation has been mainly driven by changes in the costs of agricultural production and, to a lesser extent, by global food price dynamics. Furthermore, trade openness has not excarbated the inflating dynamics.

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Handle: RePEc:ags:aes024:355336
DOI: 10.22004/ag.econ.355336
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