DYNAMICS OF FOOD PRICE INFLATION
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A supply-shift concept of food price inflation is offered as an explanation of why food prices have increased in recent years. This view is consistent with cost-push theories of inflation. The effects of higher farm product prices on food prices are analyzed using Pascal distributed lag models of the price adjustment process. Estimates are presented for 23 selected food products. The results indicate that higher farm prices are passed through to the retail level most quickly for food products which are not highly processed.