NFU guide: State of the Farming Economy

Published 02 December 2021

Farm business
pound coin in landscape, farming business, countryside, web crop_47375

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.

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.   

 

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