Energy and Food Security: Linkages through Price Volatility

Farhad Taghi Zadeh Hesary*, Ehsan Rasoulinezhad, Naoyuki Yoshino

*Corresponding author for this work

    Research output: Contribution to journalArticlepeer-review

    139 Citations (Scopus)


    This study examines the linkages between energy price and food prices over the period 2000–2016 by using a Panel-VAR model in the case of eight Asian economies. Our results confirm that energy price (oil price) has a significant impact on food prices. According to the results of impulse response functions, agricultural food prices respond positively to any shock from oil prices. Our results show that there is a linkage between energy and food security through price volatility. Since inflation in oil price is harmful for food security, it would be necessary to diversify the energy consumption in this sector, from too much reliance on fossil fuels to an optimal combination of renewable and nonrenewable energy resources that will be in favor of not only the energy security by also the food security. In addition, the paper found that the impact of biofuel prices on food prices is statistically significant but explains less than 2% of the food price variance. However, by increasing the demand for biofuel, there should be more concern about the global increase in agricultural commodities prices and endangering food security, especially in vulnerable economies.

    Original languageEnglish
    Pages (from-to)796-806
    Number of pages11
    JournalEnergy Policy
    Publication statusPublished - 2019 May 1


    • Agricultural commodities prices
    • Energy Security
    • Food price
    • Food security
    • Oil price

    ASJC Scopus subject areas

    • Energy(all)
    • Management, Monitoring, Policy and Law


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