Price changes of dairy products in the European Union

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 pric...

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Bibliographic Details
Published in:Agricultural economics (Praha) 2021-01, Vol.67 (9), p.373-381
Main Authors: Bełdycka-Bórawska, Aneta, Bórawski, Piotr, Guth, Marta, Parzonko, Andrzej, Rokicki, Tomasz, Klepacki, Bogdan, Wysokiński, Marcin, Maciąg, Agnieszka, Dunn, James William
Format: Article
Language:English
Subjects:
Agricultural economics
Autoregressive models
Butter
Dairy products
garch model
Milk
Powder
Prices
Skim milk
skim milk powder
Statistical analysis
Whey
whey powder
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Summary: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%).
ISSN:0139-570X
1805-9295
DOI:10.17221/61/2021-AGRICECON