Publication:
The 2022 Global Food Price Shock in Chile and Colombia: Stylized Facts from Customs Data

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dc.contributor.authorWorld Bank
dc.date.accessioned2024-07-22T16:02:52Z
dc.date.available2024-07-22T16:02:52Z
dc.date.issued2024-07-22
dc.description.abstractThis note uses transaction level customs data for Chile and Colombia to provide insights into food price transmission from global markets to import prices. This is a non-trivial relationship with significant cross-country variation that is relevant for policy design for the management of future shocks. Transaction level data makes it possible to look beyond average prices at underlying dynamics in terms of import prices, volumes, origins, etc. Focusing on price movements for wheat and maize during 2021-2022, a time of significant price variation in global markets, the note finds that exchange rate depreciation contributed significantly to rising import prices in local currency in Chile and Colombia. There were also significant differences in world price transmission between the two countries, with increases in median import prices materializing later for Chile but persisting longer. Neither country was able to significantly mitigate global market price increases through short-term adjustments of the times of purchase. Regional trade had a significant stabilizing role on import prices for both countries as import prices from regional trading partners increased less than global prices. Increases in global transport and fuel costs, on top of already high levels in 2021, accounted for significant shares of the import price increase in wheat in both countries. Finally, import structures changed somewhat during 2022, with potential implications for price transmission to consumers due to higher price dispersion and importer concentration observed for Chile.en
dc.identifierhttp://documents.worldbank.org/curated/en/099525507042435371/IDU1b0e5abeb1612d145a618b3b161d265c252d8
dc.identifier.doi10.1596/41920
dc.identifier.urihttps://hdl.handle.net/10986/41920
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.relation.ispartofseriesProsperity Insight Series; Macroeconomics, Trade and Investment
dc.rightsCC BY-NC 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttps://creativecommons.org/licenses/by-nc/3.0/igo
dc.subjectFOOD PRICE ANALYSIS
dc.subjectINFLATION
dc.subjectFOOD TRADE
dc.subjectPRICE SURVEYS
dc.subjectDECENT WORK AND ECONOMIC GROWTH
dc.subjectSDG 8
dc.titleThe 2022 Global Food Price Shock in Chile and Colombiaen
dc.title.subtitleStylized Facts from Customs Dataen
dc.typeWorking Paper
dspace.entity.typePublication
okr.associatedcontenthttps://reproducibility.worldbank.org/index.php/catalog/157 Link to data and reproducibility package
okr.crossref.titleThe 2022 Global Food Price Shock in Chile and Colombia: Stylized Facts from Customs Data
okr.date.disclosure2024-07-22
okr.date.lastmodified2024-07-22T00:00:00Zen
okr.doctypePublications & Research::Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/099525507042435371/IDU1b0e5abeb1612d145a618b3b161d265c252d8
okr.guid099525507042435371
okr.identifier.docmidIDU-b0e5abeb-612d-45a6-8b3b-61d265c252d8
okr.identifier.doihttps://doi.org/10.1596/41920
okr.identifier.externaldocumentum34360791
okr.identifier.internaldocumentum34360791
okr.identifier.report192432
okr.import.id4874
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099525507042435371/pdf/IDU1b0e5abeb1612d145a618b3b161d265c252d8.pdfen
okr.region.administrativeLatin America & Caribbean
okr.region.countryChile
okr.region.countryColombia
okr.topicAgriculture::Food Markets
okr.topicAgriculture::Agricultural Trade
okr.topicInternational Economics and Trade::Trade Policy
okr.topicInternational Economics and Trade::Trade and Agriculture
okr.unitEFI-LCR-MTI-MacroFiscal (ELCMU)
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