LAPSE:2023.28475
Published Article
LAPSE:2023.28475
The Linkages between Crude Oil and Food Prices
Monika Roman, Aleksandra Górecka, Joanna Domagała
April 11, 2023
This paper aims to indicate the linkages between crude oil prices and selected food price indexes (dairy, meat, oils, cereals, and sugar) and provide an empirical specification of the direction of the impact. This paper reviews the fuel−food price linkage models with consideration to the time series literature. This study adopts several methods, namely the Augmented Dickey−Fuller test, Granger causality test, the cointegration test, the vector autoregression model, and the vector error correction model, for studying the price transmission among the crude oil and five selected food groups. The data series covers the period between January 1990 and September 2020. The empirical results from the paper indicate that there are long-term relationships between crude oil and meat prices. The linkage of crude oil prices occurred with food, cereal, and oil prices in the short term. Furthermore, the linkages between the analyzed variables increased in 2006−2020.
Keywords
cointegration, crude oil prices, food prices, Granger causality, vector autoregressive model
Suggested Citation
Roman M, Górecka A, Domagała J. The Linkages between Crude Oil and Food Prices. (2023). LAPSE:2023.28475
Author Affiliations
Roman M: Institute of Economics and Finance, Warsaw University of Life Sciences, 166 Nowoursynowska St., 02-787 Warsaw, Poland [ORCID]
Górecka A: Institute of Economics and Finance, Warsaw University of Life Sciences, 166 Nowoursynowska St., 02-787 Warsaw, Poland
Domagała J: Institute of Economics and Finance, Warsaw University of Life Sciences, 166 Nowoursynowska St., 02-787 Warsaw, Poland
Journal Name
Energies
Volume
13
Issue
24
Article Number
E6545
Year
2020
Publication Date
2020-12-11
Published Version
ISSN
1996-1073
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PII: en13246545, Publication Type: Journal Article
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LAPSE:2023.28475
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doi:10.3390/en13246545
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Apr 11, 2023
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