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Retail Food Price Forecasting At Ers: The Process, Methodology, And Performance From 1984 To 1997

Author

Listed:
  • Joutz, Frederick L.
  • Trost, Robert P.
  • Hallahan, Charles B.
  • Clauson, Annette L.
  • Denbaly, Mark

Abstract

Forecasting retail food prices has become increasingly important to the U.S. Department of Agriculture (USDA). This is due to the changing structure of food and agricultural economies and the important signals the forecasts provide to farmers, processors, wholesalers, consumers, and policymakers. The American food system is going through fundamental structural changes. It is unclear how these changes will affect the cyclical variation of food price markups and translate into changes in retail food prices. The only government entity that systematically examines food prices and provides food price forecasts (on an annual basis) is the Economic Research Service, and agency of USDA. This report explains the ERS procedures in forecasting food prices and assesses how changes in the current procedures would improve the quality of the forecasts.

Suggested Citation

  • Joutz, Frederick L. & Trost, Robert P. & Hallahan, Charles B. & Clauson, Annette L. & Denbaly, Mark, 2000. "Retail Food Price Forecasting At Ers: The Process, Methodology, And Performance From 1984 To 1997," Technical Bulletins 33575, United States Department of Agriculture, Economic Research Service.
    • Handle: RePEc:ags:uerstb:33575
    DOI: 10.22004/ag.econ.33575
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    Cited by:

    1. Amiri, Arshia & Bakhshoodeh, Mohamad & Najafi, Bahaeddin, 2011. "Forecasting seasonality in prices of potatoes and onions: challenge between geostatistical models, neuro fuzzy approach and Winter method," MPRA Paper 34093, University Library of Munich, Germany.
    2. McWilliams, William N. & Isengildina Massa, Olga & Stewart, Shamar L., 2024. "Annual Food Price Inflation Forecasting: A Macroeconomic Random Forest Approach," 2024 Annual Meeting, July 28-30, New Orleans, LA 343923, Agricultural and Applied Economics Association.
    3. Kuhns, Annemarie & Leibtag, Ephraim & Volpe, Richard & Roeger, Ed, 2015. "How USDA Forecasts Retail Food Price Inflation," Technical Bulletins 206500, United States Department of Agriculture, Economic Research Service.

    More about this item

    Keywords

    Demand and Price Analysis;

    Statistics

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