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?
Key headlines in this edition include:
- Updated commodity price analysis and outlook
- Inflation rose to 3.2% in the 12 months to August
- The three months to July 2021 showed a continuing recovery in the labour market
- Government borrowing was higher than expected in August
- Farming input costs have seen an overall increase of 13% in the year to July
- National Living Wage and National Minimum Wage rates effective from 1 April 2021
- Total Income from Farming in 2020 is estimated to be £4.12 billion, a fall of £768 million (-15.7%) from 2019.
Read the latest State of the Farming Economy briefing here (NFU members only – you’ll need to log in).
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