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Commodity Prices and Markets$
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Takatoshi Ito and Andrew K. Rose

Print publication date: 2011

Print ISBN-13: 9780226386898

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226386904.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 24 September 2021

The Consumption Terms of Trade and Commodity Prices

The Consumption Terms of Trade and Commodity Prices

Chapter:
(p.119) 4 The Consumption Terms of Trade and Commodity Prices
Source:
Commodity Prices and Markets
Author(s):

Martin Berka

Mario J. Crucini

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226386904.003.0005

This chapter conducts a forensic analysis of the sources of terms of trade variation of thirty-eight countries, over the period 1990 to 2005. The microprice data from the Economist Intelligence Unit (EIU) is used to parse the variance of the aggregate terms of trade into the contributions of individual goods. The commodity-level retail price inflation and price level inflation for the world as a whole is studied. This is accomplished by averaging U.S. dollar prices of individual goods and services across as many cities as available in the Economist Intelligence Unit retail price survey, the source of the consumer price data used here. The standard deviations of these commodity-level inflation rates range from a low of 3.7% to a high of 11%. The consumption terms of trade at local prices using local retail prices to measure the import and export prices rather than world prices are also elaborated.

Keywords:   trade, commodity prices, Economist Intelligence Unit, EIU, inflation rates, retail prices, export prices

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