This paper uses the Breitung and Candelon (2006) causality test to examine the effect of global oil and food price changes on the inflation in Morocco over the period from 1998Q1 to 2018Q1. The results show significant transmission from oil and food prices to domestic inflation. Specifically, the food prices are shown more important than oil prices in explaining inflation in the short-run, which reflects the high weight of food in the consumption basket. However, the effect of oil prices on inflation is much more persistent than the effect of food prices. Furthermore, the impact of commodity price shocks on inflation exhibits asymmetries. The oil price hikes affect more weakly the inflation than oil price decreases, whereas the food price increases are more transmitted to inflation than food price decreases. Our findings may provide useful information to researchers and policymakers in formulating more appropriate monetary policy.

中文翻译：

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全球商品价格对依赖商品进口的国家的消费者价格的传导：来自摩洛哥的证据

本文使用 Breitung 和 Candelon (2006) 因果检验来检验 1998 年第一季度至 2018 年第一季度期间全球石油和食品价格变化对摩洛哥通货膨胀的影响。结果表明，石油和食品价格对国内通货膨胀的影响很大。具体而言，食品价格在解释短期通胀方面比石油价格更重要，这反映了食品在消费篮子中的高权重。然而，油价对通货膨胀的影响比食品价格的影响要持久得多。此外，商品价格冲击对通胀的影响表现出不对称性。与油价下跌相比，油价上涨对通胀的影响更弱，而食品价格上涨比食品价格下跌对通胀的影响更大。