Abstract-Audio compression systems exploit periodicity in signals to remove inter-frame redundancies via the long term prediction (LTP) tool. This simple tool capitalizes on the periodic component of the waveform by selecting a past segment as the basis for prediction of the current frame. However, most audio signals are polyphonic in nature, containing a mixture of several periodic components. While such polyphonic signals may themselves be periodic with overall period equaling the least common multiple of the individual component periods, the signal rarely remains sufficiently stationary over the extended period, rendering the LTP tool suboptimal. Instead of seeking a past segment that represents a "compromise" for incompatible component periods, we propose a more complex filter that predicts every periodic component of the signal from its immediate history, and this is achieved by cascading LTP filters, each corresponding to individual periodic component. We also propose a recursive "divide and conquer" technique to estimate parameters of all the LTP filters. We then demonstrate the effectiveness of cascaded LTP in two distinct settings of the ultra low delay Bluetooth Subband Codec and the MPEG Advanced Audio Coding (AAC) standard. In MPEG AAC, we specifically adapt the cascaded LTP parameter estimation to take into account the perceptual distortion criteria, and also propose a low decoder complexity variant. Objective and subjective results for all the settings validate the effectiveness of the proposal on a variety of polyphonic signals.