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.