Market¹

ADF² Test statistics

Lag

Level (constant, no trend)

Lag

First difference (constant, no trend)

Dar es Salaam

3

−1.459 (0.89)

2

−11.641 (0.00)***

Mbeya

1

−1.569 (0.61)

0

−11.129 (0.00)***

Morogoro

1

−2.026 (0.37)

0

−9.908 (0.00)****

Shinyanga

1

−2.520 (0.95)

0

−10.894 (0.00)***

Mpanda

2

−1.966 (0.52)

1

−12.263 (0.00)***

Lindi

1

−1.464 (0.38)

0

−10.569 (0.00)***

Mtwara

1

−1.691 (0.29)

0

−8.811 (0.00)***

Dodoma

2

−1.688 (0.64)

1

−13.498 (0.00)***

Arusha

3

−1.313 (0.36)

2

−14.917 (0.00)***

Bukoba

1

−1.734 (0.41)

0

−12.479 (0.00)***

Songea

2

−1.162 (0.73)

1

−11.399 (0.00)***

Tanga

1

−1.546 (0.29)

0

−8.921 (0.00)***

Musoma

1

−1.978 (0.52)

0

−12.474 (0.00)***

Kigoma

2

−1.838 (0.35)

1

−10.593 (0.00)***