The NFU's economic intelligence team has published its State of the Farming Economy briefing for October 2019.
The document 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.
What's in the briefing?
- Updated commodity price analysis and outlook.
- The UK economy grew by 0.3% between June and August 2019, indicating a recession can be avoided.
- UK inflation rose at an annual rate of 1.7% in September, the lowest rate since December 2016.
- The unemployment rate rose to an estimated 3.9% in the June to August period.
- Wage growth in the three months to August was at 3.8%, still outpacing inflation.
- Farm borrowing has seen a 61% increase from 2010 to 2019, currently at £19.3bn.
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