On the upsurge of U.S. food prices revisited
The objective of this study is to empirically examine the effects of changes in exchange rate, commodity price and energy price on five U.S. food prices — cereal/bakery, meats, dairy, fruits/vegetables and beverages. The Johansen cointegration analysis and a vector error-correction (VEC) model are a...
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| Veröffentlicht in: | Economic modelling 2014-10, Vol.42, p.272-276 |
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| creator | Baek, Jungho Koo, Won W. |
| description | The objective of this study is to empirically examine the effects of changes in exchange rate, commodity price and energy price on five U.S. food prices — cereal/bakery, meats, dairy, fruits/vegetables and beverages. The Johansen cointegration analysis and a vector error-correction (VEC) model are applied to monthly data for the 2001–2010 period. Results show the existence of stable long-run relationships among the selected variables. We also find that energy and commodity prices have influenced U.S. food prices mainly through changes in prices of cereal/bakery, meats and dairy. Finally, exchange rate is found to have been a significant factor influencing U.S. food prices. The Energy Independence and Security Act of 2007 is one of main driving forces for the recent food price inflation, which has affected negatively consumers, especially low income households, in the United States.
•This study revisits the upsurge of U.S. food prices.•The Johansen cointegration analysis and a vector error-correction model are employed.•Energy and commodity prices are significant factors influencing U.S. food prices.•Exchange rate is also important in explain the recent high U.S. food prices. |
| doi_str_mv | 10.1016/j.econmod.2014.06.018 |
| format | Article |
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| ispartof | Economic modelling, 2014-10, Vol.42, p.272-276 |
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| source | ScienceDirect Journals (5 years ago - present) |
| subjects | Bakeries Cointegration analysis Commodity price Commodity prices Econometrics Economic theory Energy price Exchange rate Exchange rates Food price Food prices Foreign exchange rates Inflation Johansen cointegration analysis Low income Price increases Prices Studies U.S.A Vector error-correction model |
| title | On the upsurge of U.S. food prices revisited |
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