Does Climate Change Cause an Upsurge in Food Prices?
Climate change is the reason behind most contemporary economic problems. The rising inflationary pressures in the food sector are one of these problems, and stable food prices are a necessity for economic development and social cohesion in societies. Therefore, this study analyzes the relationship b...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
MDPI AG
2024-01-01
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| Series: | Foods |
| Subjects: | |
| Online Access: | https://www.mdpi.com/2304-8158/13/1/154 |
| _version_ | 1797358805832433664 |
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| author | Sinan Erdogan Mustafa Tevfik Kartal Ugur Korkut Pata |
| author_facet | Sinan Erdogan Mustafa Tevfik Kartal Ugur Korkut Pata |
| author_sort | Sinan Erdogan |
| collection | DOAJ |
| description | Climate change is the reason behind most contemporary economic problems. The rising inflationary pressures in the food sector are one of these problems, and stable food prices are a necessity for economic development and social cohesion in societies. Therefore, this study analyzes the relationship between food prices and climate change in Nigeria by using various non-linear and quantile-based methods and data from 2008m5 to 2020m12. The empirical findings indicate that (i) there is a time- and frequency-based dependence between food prices and some explanatory variables, including climate change (i.e., temperature). (ii) At higher quantiles, temperature, oil prices, food exports, monetary expansion, global food prices, agricultural prices, and fertilizer prices stimulate food prices. (iii) The increase in food prices due to the rise in temperature and the difficulties in agriculture indicate that the heatflation phenomenon is present in Nigeria. The evidence outlines that Nigerian decisionmakers should adopt a national food security policy that considers environmental, agricultural, and monetary factors to stabilize food prices. |
| first_indexed | 2024-03-08T15:07:34Z |
| format | Article |
| id | doaj.art-8da8133fec4149029388fed48f21144a |
| institution | Directory Open Access Journal |
| issn | 2304-8158 |
| language | English |
| last_indexed | 2024-03-08T15:07:34Z |
| publishDate | 2024-01-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Foods |
| spelling | doaj.art-8da8133fec4149029388fed48f21144a2024-01-10T14:57:10ZengMDPI AGFoods2304-81582024-01-0113115410.3390/foods13010154Does Climate Change Cause an Upsurge in Food Prices?Sinan Erdogan0Mustafa Tevfik Kartal1Ugur Korkut Pata2Department of Economics, Hatay Mustafa Kemal University, Hatay 31060, TürkiyeClinic of Economics, Azerbaijan State University of Economics (UNEC), Baku AZ1001, AzerbaijanClinic of Economics, Azerbaijan State University of Economics (UNEC), Baku AZ1001, AzerbaijanClimate change is the reason behind most contemporary economic problems. The rising inflationary pressures in the food sector are one of these problems, and stable food prices are a necessity for economic development and social cohesion in societies. Therefore, this study analyzes the relationship between food prices and climate change in Nigeria by using various non-linear and quantile-based methods and data from 2008m5 to 2020m12. The empirical findings indicate that (i) there is a time- and frequency-based dependence between food prices and some explanatory variables, including climate change (i.e., temperature). (ii) At higher quantiles, temperature, oil prices, food exports, monetary expansion, global food prices, agricultural prices, and fertilizer prices stimulate food prices. (iii) The increase in food prices due to the rise in temperature and the difficulties in agriculture indicate that the heatflation phenomenon is present in Nigeria. The evidence outlines that Nigerian decisionmakers should adopt a national food security policy that considers environmental, agricultural, and monetary factors to stabilize food prices.https://www.mdpi.com/2304-8158/13/1/154food pricesclimate changeheatflationNigerianon-linear methods |
| spellingShingle | Sinan Erdogan Mustafa Tevfik Kartal Ugur Korkut Pata Does Climate Change Cause an Upsurge in Food Prices? Foods food prices climate change heatflation Nigeria non-linear methods |
| title | Does Climate Change Cause an Upsurge in Food Prices? |
| title_full | Does Climate Change Cause an Upsurge in Food Prices? |
| title_fullStr | Does Climate Change Cause an Upsurge in Food Prices? |
| title_full_unstemmed | Does Climate Change Cause an Upsurge in Food Prices? |
| title_short | Does Climate Change Cause an Upsurge in Food Prices? |
| title_sort | does climate change cause an upsurge in food prices |
| topic | food prices climate change heatflation Nigeria non-linear methods |
| url | https://www.mdpi.com/2304-8158/13/1/154 |
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