Analyzing economic inflation's impact on food security and accessibility through econometric modeling
1 Independent Researcher, UK.
2 Independent Researcher, Port Harcourt, Nigeria.
3 Sanctus Maris Concepts Ltd, Nigeria.
4 Ulster University, United Kingdom.
5 Department of Agricultural Economics, Ladoke Akintola University of Technology, Nigeria.
Review Article
GSC Advanced Research and Reviews, 2024, 21(02), 102-128.
Article DOI: 10.30574/gscarr.2024.21.2.0411
Publication history:
Received on 23 September 2024; revised on 01 November 2024; accepted on 04 November 2024
Abstract:
This study investigates the impact of economic inflation on food security and accessibility through the development of an econometric modeling approach. As inflation rates rise, the purchasing power of consumers diminishes, leading to increased food prices and potentially exacerbating food insecurity. This research aims to quantify the relationship between inflation and food security indicators, such as availability, access, utilization, and stability of food supplies. By employing time-series data and econometric techniques, the model captures the dynamic interactions between inflation rates, food prices, and socioeconomic factors affecting food security. The model incorporates key variables, including consumer price index (CPI), food inflation, income levels, and unemployment rates, to analyze their collective impact on food security across different demographics. The findings indicate that rising inflation significantly correlates with higher food prices, disproportionately affecting low-income households and vulnerable populations. This relationship highlights the necessity of understanding inflation's broader implications on food accessibility, especially in regions where food security is already a pressing issue. Future research directions are proposed, focusing on policy interventions aimed at stabilizing food prices and enhancing food security. Potential strategies include price controls, subsidies for staple foods, and targeted social safety nets for low-income households. Additionally, the study suggests further examination of supply chain factors contributing to food price volatility, such as transportation costs and global market dynamics, which can exacerbate inflation's effects on food security. This research contributes to the literature on food security by providing empirical evidence of inflation's impact on food accessibility and identifying critical areas for policy intervention. By addressing the complex interplay between inflation and food security, stakeholders, including policymakers and food industry leaders, can develop informed strategies to mitigate adverse effects and promote food security in inflationary environments.
Keywords:
Economic Inflation; Food Security; Econometric Modeling; Food Accessibility; Price Stability; Policy Interventions; Socioeconomic Factors; Food Prices; Vulnerability; Purchasing Power
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
