The impact of macroeconomic factors on food price inflation: an evidence from India

Future Business Journal

Table 5 Results of the long-run and short-run analysis

Variables	Coefficient	t-statistics	p-value
Panel-I: Long-run results
Constant	3.527	2.012	0.046
\(Y\)	0.143***	2.835	0.005
\(MS\)	0.363***	4.853	0.000
\(EX\)	−0.309***	−2.501	0.013
\(GF\)	0.131***	2.686	0.008
\(NFG\)	−0.694***	−2.179	0.030
\(AW\)	0.310***	3.744	0.000
R squared	0.998
Panel-II: short-run results
\(CPI(-1)\)	0.361***	4.723	0.000
\(Y\)	0.023***	2.546	0.011
\(MS\)	0.059***	3.392	0.000
\(EX\)	0.026	0.550	0.582
\(GF\)	0.021***	2.788	0.006
\(NFG\)	−0.113**	−2.164	0.032
\(AW\)	0.051***	3.088	0.002
ECT(−1)	−0.168***	−4.886	0.000
Diagnostic tests
Breusch-Godfrey test	1.313 (0.272)
ARCH LM test	0.053(0.818)
Durbin–Watson	1.94
Ramsey RESET	0.111 (0.911)
CUSUM	Stable
CUSUMSQ	Stable

*, ** and *** indicate significance at the 10%, 5% and 1% levels, respectively. Source: Authors’ estimations