Objectives: The forecasting of horticulture commodity prices, such as bananas, has wide-ranging impacts on farmers, traders and end-users. The considerable volatility in horticultural commodities pricing estimates has allowed farmers to exploit various local marketplaces for profitable sales of their farm produce. Despite the demonstrated efficacy of machine learning models as a suitable substitute for conventional statistical approaches, their application for price forecasting in the context of Indian horticulture remains an area of contention. Past attempts to forecast agricultural commodity prices have relied on a wide variety of statistical models, each of which comes with its own set of limitations. Methods: Although machine learning models have emerged as formidable alternatives to more conventional statistical methods, there is still reluctance to use them for the purpose of predicting prices in India. In the present investigation, we have analysed and compared the efficacy of a variety of statistical and machine learning models in order to get accurate price forecast. Autoregressive Integrated Moving Average (ARIMA), Seasonal Autoregressive Integrated Moving Average model (SARIMA), Autoregressive Conditional Heteroscedasticity model (ARCH), Generalized Autoregressive Conditional Heteroscedasticity model (GARCH), Artificial Neural Network (ANN) and Recurrent Neural Network (RNN) were fitted to generate reliable predictions of prices of banana in Gujarat, India from January 2009 to December 2019. Results: Empirical comparisons have been made between the predictive accuracy of different machine learning (ML) models and the typical stochastic model and it is observed that ML approaches, especially RNN, surpassed all other models in the majority of situations. Mean Absolute Percent Error (MAPE), Root Mean Square Error (RMSE), symmetric mean absolute percentage error (SMAPE), mean absolute scaled error (MASE) and mean directional accuracy (MDA) are used to illustrate the superiority of the models and RNN resulted least in terms of all error accuracy measures. Conclusions: RNN outperforms other models in this study for predicting accurate prices when compared to various statistical and machine learning techniques. The accuracy of other methodologies like ARIMA, SARIMA, ARCH GARCH, and ANN falls short of expectations.

In the literature, it is well known that there is a bidirectional causality between economic growth and energy consumption. This is why it is crucial to forecast energy consumption. In this study, four deep learning models, i.e., Long Short-Term Memory (LSTM), stacked LSTM, bidirectional LSTM, and Gated Recurrent Unit (GRU), were used to forecast energy consumption in Brazil, Canada, and France. After a training test period, the performance evaluation criterion, i.e., R2, mean square error, root mean square error, mean absolute error, and mean absolute percentage error, was performed for the performance measure. It showed that GRU is the best model for Canada and France, while LSTM is the best model for Brazil. Therefore, the energy consumption prediction was made for the 12 months of the year 2017 using LSTM for Brazil and GRU for Canada and France. Based on the selected model, it was projected that the energy consumption in Brazil was 38 597.14–38 092.88, 63 900–4 800 000 GWh in Canada, and 50 999.72–32 747.01 GWh in France in 2017. The projected consumption in Canada was very high due to the country’s higher industrialization. The results obtained in this study confirmed that the nature of energy production will impact the complexity of the deep learning model.