Detection and Identification of Outliers in Prices: The Case of the Philippine Pork Meat Market

Jennifer Hinlo; Yoonsuk Lee

doi:10.22698/jales.20230029

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2023 Vol.35, Issue 4 Preview Page Next Page

Research Article

Detection and Identification of Outliers in Prices: The Case of the Philippine Pork Meat Market

31 December 2023. pp. 356-366

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Abstract

It is important to identify significant shocks affecting pork prices to understand the Philippine pork market. Some of these shocks affect the market prices temporarily, and others affect the market prices permanently. An autoregressive integrated moving average (ARIMA) with an outlier model was utilized to investigate such shocks in the pork market. This study used farmgate prices for hogs from January 2014 to December 2020 and retail prices for lean meat and meat with bone from January 1990 to January 2021. The study found permanent and temporary shocks in the specific time for farmgate prices, lean meat prices, and meat with bone prices. Such outliers were consistent to the outbreaks of foot-and-mouth-disease (FMD), African swine fever (ASF), and the COVID-19 pandemic. The stakeholders and industry players in the Philippine pork market should work closely to mitigate the effects of future outliers on monthly prices in the future.

Keywords

African swine fever

COVID-19

Foot-and-mouth disease

Outliers

Philippines

Pork prices

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Information

Publisher :Agriculture and Life Sciences Research Institute, Kangwon National University
Publisher(Ko) :강원대학교 농업생명과학대학 농업생명과학연구원
Journal Title :Journal of Agricultural, Life and Environmental Sciences
Journal Title(Ko) :농업생명환경연구
Volume : 35
No :4
Pages :356-366
Received Date : 2023-09-05
Revised Date : 2023-10-15
Accepted Date : 2023-10-24
DOI :https://doi.org/10.22698/jales.20230029

Journal of Agricultural, Life and Environmental Sciences ISSN:2233-8322(Print) 2508-870X(Online) 농업생명환경연구

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