Agric. Econ. - Czech, 2021, 67(9):373-381 | DOI: 10.17221/61/2021-AGRICECON

Price changes of dairy products in the European UnionOriginal Paper

Aneta Bełdycka-Bórawska1, Piotr Bórawski ORCID...*,1, Marta Guth2, Andrzej Parzonko3, Tomasz Rokicki4, Bogdan Klepacki4, Marcin Wysokiński4, Agnieszka Maciąg4, James William Dunn5
1 Department of Agrotechnology and Agribusiness, Faculty of Agriculture and Forestry, University of Warmia and Mazury in Olsztyn, Olsztyn, Poland
2 Department of Macroeconomics and Agricultural Economics, Institute of Economics, Poznań University of Economics and Business, Poznań, Poland
3 Department of Economics and Organization of Enterprises, Faculty of Economic Sciences, Warsaw University of Life Science (SGGW), Warsaw, Poland
4 Department of Logistics, Faculty of Economic Sciences, Warsaw University of Life Science (SGGW), Warsaw, Poland
5 Department of Agricultural Economics, Sociology and Education, Faculty of Agricultural Sciences, Pennsylvania State University, University Park, Pennsylvania, USA

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

Published: September 24, 2021  Show citation

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Bełdycka-Bórawska A, Bórawski P, Guth M, Parzonko A, Rokicki T, Klepacki B, et al.. Price changes of dairy products in the European Union. Agric. Econ. - Czech. 2021;67(9):373-381. doi: 10.17221/61/2021-AGRICECON.
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