This paper seeks to document and explain the effect of a commodity price shock on underlying core inflation, and how … across many countries there was a break in the response of core inflation to a commodity price shock. In an earlier period, a … shock to commodity prices would lead to a large and significant increase in core inflation, but in later periods, the effect …

commodity) with little or no attention to food price shock. In this study, however, the effect of food price shocks on some … selected macroeconomic indicators is examined, in addition to oil price shock using the structural autoregressive (SVAR) model … found to be more profound compared with food price shock. Further evidence identified the exchange rate channel as the …