On the upsurge of U.S. food prices revisited |
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| Institution: | 1. Department of Economics, School of Management, University of Alaska Fairbanks, United States;2. Center for Agricultural Policy and Trade Studies, Department of Agribusiness and Applied Economics, North Dakota State University, United States;1. School of Information Technology, Jiangxi University of Finance and Economics, Nanchang 330013, China;2. School of Business Administration, Northeastern University, Shenyang 110819, China;3. Department of Economics, Acadia University, Wolfville, NS B4P 2R6, Canada;4. School of Business Administration, Acadia University, Wolfville, NS B4P 2R6, Canada |
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| Abstract: | 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. |
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