Price changes of dairy products in the European Union

Aneta Bełdycka-Bórawska, Piotr Bórawski, Marta Guth, Andrzej Parzonko, Tomasz Rokicki, Bogdan Klepacki, Marcin Wysokiński, Agnieszka Maciąg and James William Dunn
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Aneta Bełdycka-Bórawska: Department of Agrotechnology and Agribusiness, Faculty of Agriculture and Forestry, University of Warmia and Mazury in Olsztyn, Olsztyn, Poland
Piotr Bórawski: Department of Agrotechnology and Agribusiness, Faculty of Agriculture and Forestry, University of Warmia and Mazury in Olsztyn, Olsztyn, Poland
Marta Guth: Department of Macroeconomics and Agricultural Economics, Institute of Economics, Poznań University of Economics and Business, Poznań, Poland
Andrzej Parzonko: Department of Economics and Organization of Enterprises, Faculty of Economic Sciences, Warsaw University of Life Science (SGGW), Warsaw, Poland
Tomasz Rokicki: Department of Logistics, Faculty of Economic Sciences, Warsaw University of Life Science (SGGW), Warsaw, Poland
Bogdan Klepacki: Department of Logistics, Faculty of Economic Sciences, Warsaw University of Life Science (SGGW), Warsaw, Poland
Marcin Wysokiński: Department of Logistics, Faculty of Economic Sciences, Warsaw University of Life Science (SGGW), Warsaw, Poland
Agnieszka Maciąg: Department of Logistics, Faculty of Economic Sciences, Warsaw University of Life Science (SGGW), Warsaw, Poland
James William Dunn: Department of Agricultural Economics, Sociology and Education, Faculty of Agricultural Sciences, Pennsylvania State University, University Park, Pennsylvania, USA

Agricultural Economics, 2021, vol. 67, issue 9, 373-381

Abstract: This article presents changes in the prices of milk and other dairy products in the European Union (EU). First, the descriptive statistics of the prices of milk and dairy products are presented, and then correlation and regression analyses were conducted to measure the relationships between the prices. We used the augmented Dickey-Fuller (ADF) test and generalised autoregressive conditional heteroscedasticity (GARCH) model to measure the stationarity and changes in dairy product prices in the EU. At the EU level, we checked the changes in prices of butter, skim milk powder, whole milk powder, Cheddar, Edam, Gouda, Emmental and whey powder. Our analysis confirmed that the butter, skim milk powder, whole milk powder, Cheddar, Edam and Gouda processes depend on previous values. The biggest price changes were observed in whey powder (34.12%), butter (24.46%) and skim milk powder (21.78%).

Keywords: butter; GARCH model; skim milk powder; whey powder (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:caa:jnlage:v:67:y:2021:i:9:id:61-2021-agricecon

DOI: 10.17221/61/2021-AGRICECON

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