What Role Did Rising Demand Play in Driving Food Prices Up?

IF 0.6 Q4 ECONOMICS

South Asian Journal of Macroeconomics and Public Finance Pub Date : 2017-06-01 DOI:10.1177/2277978717695155

Rudrani Bhattacharya, Abhijit Sen Gupta

引用次数: 6

Abstract

Average food inflation in India during the period 2006–2013 was one of the highest among emerging market economies and nearly double the inflation witnessed in India during the previous decade. An often-cited hypothesis argues that the surge in food inflation during this period was driven by rising demand for high-value food products due to higher per capita income and diversification of Indian diets. In this article, we test the validity of this hypothesis by estimating the expenditure elasticity and then calculating the aggregate demand using data from household survey conducted by the National Sample Survey Organisation (NSSO). Our results show that in recent years, estimated demand has exceeded supply of all major food products, barring fruits. Moreover, empirical estimates indicate that the demand–supply gap is an important driver of rise in food prices, along with other factors such as minimum support prices, global prices, fiscal deficit and agricultural wages. JEL Classification: E31, E37, Q11

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不断增长的需求在推动食品价格上涨中扮演了什么角色?

2006年至2013年期间，印度的平均食品通胀是新兴市场经济体中最高的之一，几乎是印度前十年通胀率的两倍。一种经常被引用的假设认为，这一时期食品通胀的飙升，是由于人均收入提高和印度饮食多样化导致对高价值食品的需求不断上升。本文利用国家抽样调查组织(NSSO)的家庭调查数据，通过估算支出弹性，然后计算总需求，来检验这一假设的有效性。我们的研究结果表明，近年来，除水果外，所有主要食品的估计需求都超过了供应。此外，实证估计表明，供需缺口是食品价格上涨的一个重要驱动因素，其他因素包括最低支持价格、全球价格、财政赤字和农业工资。JEL分类:E31, E37, Q11

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

South Asian Journal of Macroeconomics and Public Finance ECONOMICS-

CiteScore

2.10

自引率

11.10%

发文量

期刊介绍： The purpose of the Journal is to publish (in English language) peer-reviewed articles, reviews and scholarly comments on issues relating to contemporary global macroeconomics and public finance by which is understood: The Journal is for all professionals concerned with contemporary Macroeconomics and Public Finance and is a forum for all views on related subjects. The Editorial Board welcomes articles of current interest on research and application on the areas mentioned above. The Journal will be international in the sense that it seeks research papers from authors with an international reputation and articles that are of interest to an international audience. In pursuit of the above, the journal shall: a. draw on and include high quality work from the international community of scholars including those in the major countries of Asia, Europe, Asia Pacific, the United States, other parts of the Americas and elsewhere with due representation for considerations of the readership. The Journal shall include work representing the major areas of interest in contemporary research on Macroeconomics and Public Finance and on a wide range of issues covering macro- economics, tax and fiscal issues, banking and finance, international trade, labour economics, computational and mathematical methods, etc. The Journal would particularly engage papers on pure and applied economic theory and econometric methods. b. avoid bias in favour of the interests of particular schools or directions of research or particular political or narrow disciplinary objectives to the exclusion of others. c. ensure that articles are written in a terminology and style which makes them intelligible, not merely within the context of a particular discipline or abstract mode, but across the domain of relevant disciplines.