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Working Paper Series - Is the high crude oil prices cause the soaring global food prices?



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Is the high crude oil prices cause the soaring global food prices?


Volume : 0

No : 0

ISSN : WPS1001

Publisher : Arab Planning Institute - Kuwait

Author (s) : Ibrahim Onour 

Published Date : 1/1/2010


Contents :
This paper explores sharedtrends and shared cycles between crude oil market and global food commoditymarkets for wheat, rice, sugar, beef, coffee, and groundnut. The results of thepaper indicate there is no evidence of shared trend and common cycle betweenthe two markets, suggesting that each market responds differently to cyclegenerating shocks. This result implies that change in food commodity prices donot mimic systematically the cyclical behavior in crude oil price changes.Thus, non-oil factors, such as the speculative activities in commodity futuremarkets, may have more important role in recent years food commodity priceexplosion. 

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