Price Forecast Of Selected Staple Foodstuff In Borno State, Nigeria

Abstract

The study attempted to forecast the prices of some selected foodstuff in Borno state, Nigeria using a database of the International Institute of Tropical Agriculture Ibadan. These data were on the monthly prices of selected foodstuff in Borno state, which covered a period of nine years (1992-2000). Projection was made by running a regression using exponential functional form; Theil's inequality test was used to test the perfection of the projected prices. Empirical' evidence from the analysis shows that 55% of the staple foodstuff prices were rightly predicted while 45% were wrongly predicted in the urban market. Also in the rural market, 73% of the prices were rightly predicted while 27% were wrongly predicted. The knowledge of this projection will help the policy makers in Borno state towards the achievement of efficient marketing strategies.


Journal of Agriculture and Social Research Vol. 4 (2) 2004: 90-99