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.
What's in the briefing?
Key headlines in this edition include:
- Updated commodity price analysis and outlook.
- Inflation rose to 4.2% in the 12 months to October.
- The official unemployment rate in the three months to September fell to 4.3%, close to its pre-pandemic level.
- Government borrowing dipped in October as the economy continued to recover and the furlough scheme wound up.
- Farming input costs have seen an overall increase of 11.9% in the year to September.
- In 2020/21, average farm business income increased across all farm types except general cropping and specialist poultry.
- Global food prices have hit the highest level in over a decade after rising by more than 30% in the last year.