Our State of the Farming Economy briefing provides a snapshot of the current economic situation and an insight into the medium-term prospects for the food and farming sector and why agriculture is important to the national economy.
Download it today: NFU State of the Farming Economy briefing March 2023
What's in the briefing?
This edition includes:
- Updated commodity price analysis and outlook
- The NLW (National Living Wage) will rise to £10.42 from 1 April 2023
- UK food prices are rising at their fastest rate in 45 years
- UK wage growth continues to lag behind the rising cost of living
- Interest rates have risen again and now stand at 4.25%
- The OBR (Office for Budget Responsibility) now expects the economy to contract by 0.2% this year but avoid a recession
- On a monthly basis, the price index for agricultural inputs fell by 1.6% in January
- Government borrowing in February was £16.7bn, the most for any February since records began