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| Title: | Price Communication and Market Integration: A Case Study of Some Grain Markets in Anambra and Imo States of Nigeria |
| Author: | Okereke, O. |
| Year: | 1979 |
| Periodical: | Eastern Africa Journal of Rural Development |
| Volume: | 12 |
| Issue: | 1-2 |
| Pages: | 119-138 |
| Language: | English |
| Geographic term: | Nigeria |
| Subjects: | prices grain processing market Economics and Trade Politics and Government Agriculture, Natural Resources and the Environment |
| Abstract: | Discovery of the degree of price communication between retail and wholesale markets and between one retail market and another could throw light on the process of price determination. Evidence from the retail-wholesale price relationship analysed shows that retail prices of grains are largely influenced by their wholesale prices. This relationship makes the wholesale markets the most critical in the food marketing system in terms of price adjustments. In spite of the lack of any public news reporting media on grain market conditions, the price correlation in the markets surveyed indicates that the grain markets are fairly integrated, except in the case of maize which has exceptionally low correlation coefficients. The high correlation recorded for rice and cowpeas shows that there is a large measure of price communication amongst the markets for these two crops, and that there is a high degree of competition amongst retailers for the available supplies from wholesale distributors. The information link between retail distributors of the two crops and consumers is much more direct and effective. Market information gained by any group of distributors is quickly diffused. Ref., tab. |
