Do Oil Price Increases Cause Higher Food Prices ?

@inproceedings{Baumeister2013DoOP,
  title={Do Oil Price Increases Cause Higher Food Prices ?},
  author={Christiane Baumeister and Lutz Kilian},
  year={2013}
}
US retail food price increases in recent years may seem large in nominal terms, but after adjusting for inflation have been quite modest even after the change in US biofuel policies in 2006. In contrast, increases in the real prices of corn, soybeans, wheat and rice received by US farmers have been more substantial and can be linked in part to increases in the real price of oil. That link, however, appears largely driven by common macroeconomic determinants of the prices of oil and of… CONTINUE READING
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