NFU guide: State of the Farming Economy

29 July 2022

Farm business
A stylised image of a large pound coin set against a landscape of green fields

Get the latest State of the Farming Economy briefing from the NFU's economic intelligence team.

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 July 2022

What's in the briefing?

This edition includes:

  • Updated commodity price analysis and outlook
  • May was the twenty-third consecutive month to report price inflation in agricultural inputs.
  • Overall exports of food and drink have been heavily impacted in the past two years – largely driven by COVID-19 – with 2021 sales down 13% on 2019.
  • Inflation rose to 9.4% in the 12 months to June, the highest for 40 years
  • UK wage growth continues to lag behind the rising cost of living
  • Interest rates have risen for the fifth time over recent months and now stands at 1.25%
  • UK self-sufficiency in 2021 was 61%
  • In 2020 the agri-food sector in the United Kingdom accounted for a total estimated Gross Value Added (GVA) of £115bn or 6.0% of national GVA, a decrease from 6.1% in 2019.

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