Analyzing Food Price Trends in the Context of Engel’s Law and the Prebisch-Singer Hypothesis

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dc.creatorEtienne, Xiaoli L.
dc.creatorBaffes, John
dc.date2015-11-04T21:49:21Z
dc.date2015-11-04T21:49:21Z
dc.date2015-09
dc.date.accessioned2026-07-01T00:48:25Z
dc.descriptionIncome growth in emerging economies has often been cited as a key driver of the past decade’s com-modity price boom—the longest and broadest boom since World War II. This paper shows that income has a negative and highly significant effect on real food commodity prices, a finding that is consistent with Engel’s Law and Kindleberger’s thesis, the predecessors of the Prebisch-Singer hypothe-sis. The paper also shows that, in the long run, income influences real food prices mainly through the manufacturing price channel (the deflator), hence weakening the view that income growth exerts strong upward pressure on food prices. Other (short-term) drivers of food prices include energy costs, inventories, and monetary conditions.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/2015/09/25093870/analyzing-food-price-trends-context-engel’s-law-prebisch-singer-hypothesis
dc.identifierhttps://hdl.handle.net/10986/22843
dc.identifierhttps://doi.org/10.1596/1813-9450-7424
dc.identifier.urihttp://hdl.handle.net/123456789/411294
dc.languageEnglish
dc.languageen_US
dc.publisherWorld Bank, Washington, DC
dc.relationPolicy Research Working Paper;No. 7424
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.rightsWorld Bank
dc.subjectPRODUCER PRICE INDEX
dc.subjectGROWTH RATES
dc.subjectFOOD PRICE
dc.subjectMONETARY POLICY
dc.subjectUNDERDEVELOPED COUNTRIES
dc.subjectPRICE INCREASES
dc.subjectLAGS
dc.subjectDEVELOPING COUNTRIES
dc.subjectPRICE SERIES
dc.subjectSTOCK
dc.subjectENERGY PRICES
dc.subjectINCOME
dc.subjectINTEREST
dc.subjectSUPPLY SHOCKS
dc.subjectREAL EXCHANGE RATES
dc.subjectPOWER PARITY
dc.subjectEQUILIBRIUM PRICE
dc.subjectEXPECTATIONS
dc.subjectDEMAND GROWTH
dc.subjectCOMMODITY PRICE
dc.subjectAVERAGE PRICES
dc.subjectEMERGING ECONOMIES
dc.subjectINTEREST RATE
dc.subjectEXCHANGE
dc.subjectGDP PER CAPITA
dc.subjectDEVELOPING COUNTRIES
dc.subjectEXPORTS
dc.subjectELASTICITY
dc.subjectPRODUCER PRICES
dc.subjectPOLITICAL ECONOMY
dc.subjectFOOD PRICES
dc.subjectPRICE INDICES
dc.subjectFISCAL POLICY
dc.subjectEQUILIBRIUM
dc.subjectVARIABLES
dc.subjectPRICING
dc.subjectEXCHANGE RATE
dc.subjectDEVELOPING COUNTRY
dc.subjectPRICE
dc.subjectINTEREST RATE
dc.subjectTREASURY BILL
dc.subjectINFLATION
dc.subjectPRICE INCREASES
dc.subjectPRODUCER PRICE
dc.subjectDEVELOPING COUNTRY
dc.subjectTRENDS
dc.subjectPRICE FLUCTUATIONS
dc.subjectDEVELOPMENT
dc.subjectINFLUENCE
dc.subjectPER CAPITA INCOME
dc.subjectMARKET REFORMS
dc.subjectDEVELOPMENT ECONOMICS
dc.subjectRESERVE BANK
dc.subjectPRICE CHANGES
dc.subjectEMERGING ECONOMIES
dc.subjectPRICE VOLATILITY
dc.subjectFOOD PRICE
dc.subjectPRODUCTS
dc.subjectEXCHANGE RATES
dc.subjectINTEREST RATES
dc.subjectINDUSTRIALIZATION
dc.subjectSUPPLY SHOCKS
dc.subjectMARKETS
dc.subjectMARKETING
dc.subjectDEBT
dc.subjectINTEREST RATES
dc.subjectAGRICULTURAL PRICES
dc.subjectPRICE SERIES
dc.subjectPRICE ELASTICITY
dc.subjectPRODUCT
dc.subjectREAL INTEREST RATE
dc.subjectINVENTORIES
dc.subjectPRICING POLICIES
dc.subjectCLOSED‐ECONOMY
dc.subjectINVENTORY
dc.subjectAGRICULTURAL PRICES
dc.subjectCOMMODITY PRICE
dc.subjectPURCHASING POWER
dc.subjectPOWER PARITY
dc.subjectMARKET PRICE
dc.subjectPRICE INFLATION
dc.subjectEXPENDITURE
dc.subjectINCOME MEASURES
dc.subjectEQUILIBRIUM PRICE
dc.subjectCOMMODITY EXPORTS
dc.subjectCONSUMPTION
dc.subjectTECHNOLOGICAL CHANGE
dc.subjectMARKET PRICES
dc.subjectDISTRIBUTED LAGS
dc.subjectPRODUCER PRICES
dc.subjectPRICE TRENDS
dc.subjectAVERAGE PRICE
dc.subjectINTERNATIONAL TRADE
dc.subjectVOLATILITY
dc.subjectPRICING POLICIES
dc.subjectSTANDARD OF LIVING
dc.subjectMARKET PRICES
dc.subjectFUTURE
dc.subjectFUTURE PRICE
dc.subjectVALUE
dc.subjectCONSUMER PRICE INDEX
dc.subjectPRODUCER PRICE
dc.subjectMONETARY POLICY
dc.subjectPURCHASING POWER
dc.subjectCONSUMER PRICE
dc.subjectFOREIGN INVESTMENT
dc.subjectDEMAND
dc.subjectGROWTH RATES
dc.subjectAGGREGATE DEMAND
dc.subjectCONSUMER PRICE
dc.subjectPRICE CHANGES
dc.subjectAGRICULTURE
dc.subjectCONSUMERS
dc.subjectEXPENDITURES
dc.subjectINCOMES
dc.subjectPRICE FLUCTUATIONS
dc.subjectEXCHANGE RATES
dc.subjectBORROWING COUNTRIES
dc.subjectAVERAGE PRICE
dc.subjectDEMAND GROWTH
dc.subjectMARKET
dc.subjectENERGY PRICES
dc.subjectINCOME EFFECT
dc.subjectECONOMICS
dc.subjectTREASURY
dc.subjectRATE OF GROWTH
dc.subjectPRICE MOVEMENTS
dc.subjectSTANDARD OF LIVING
dc.subjectINSURANCE
dc.subjectTREASURY BILL
dc.subjectTAXATION
dc.subjectCURRENCIES
dc.subjectCOMMODITY PRICES
dc.subjectECONOMIC DEVELOPMENT
dc.subjectMANUFACTURING INDUSTRIES
dc.subjectTRADE
dc.subjectCOPPER PRICE
dc.subjectGDP
dc.subjectGOODS
dc.subjectSECURITY
dc.subjectUNDERDEVELOPED COUNTRIES
dc.subjectSTOCKS
dc.subjectBARTER
dc.subjectINVESTMENT
dc.subjectSHARE
dc.subjectECONOMIC DEVELOPMENT
dc.subjectSUPPLY
dc.subjectPURCHASING
dc.subjectBANKING
dc.subjectFISCAL POLICY
dc.subjectRATE OF GROWTH
dc.subjectCONSUMER PRICE INDEX
dc.subjectINTERNATIONAL TRADE
dc.subjectPRODUCER PRICE INDEX
dc.subjectMARKET REFORMS
dc.subjectCOMMODITIES
dc.subjectEXCHANGE RATE
dc.subjectMIDDLE‐INCOME COUNTRIES
dc.subjectFOOD PRICES
dc.subjectPRICE MOVEMENTS
dc.subjectPRICE INDEX
dc.subjectCOMMODITY PRICES
dc.subjectCOMMODITY
dc.subjectPRICES
dc.subjectENERGY PRICE
dc.subjectPRODUCTION COSTS
dc.subjectDEVELOPMENT POLICY
dc.subjectINCOME GROUPS
dc.subjectMANUFACTURING INDUSTRIES
dc.titleAnalyzing Food Price Trends in the Context of Engel’s Law and the Prebisch-Singer Hypothesis
dc.typeWorking Paper
dc.typeDocument de travail
dc.typeDocumento de trabajo

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