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News in brief
Prices rising, growth faltering
Prior to Brexit, the Coronavirus pandemic, and the Russian invasion of Ukraine, we lived in an ever developing global economy with little regard for food security as any ‘hiccups’ with national supply were usually readily smoothed over by importing from other nations. Food security was not a topic of conversation debated around the kitchen table.
With a headline Consumer Prices Index (CPI) of 9.1% in May, up from 9.0% in April, we are once again seeing the highest rate of inflation since the early 1980s. And while the latest quarterly Economic Commentary from the Fraser of Allander Institute at the University of Strathclyde has reported that with Producer Price Indices (PPI) inflation rate for business inputs running at 22% indicating that businesses are absorbing some of the costs rather than passing these on; the Institute has revised their growth estimates downward to 3.8% for 2022 and 0.5% for 2023; worryingly a survey by the Office for National Statistics (ONS) found that half of adults surveyed are buying less food due to rising prices.
With food security now a global concern and some supermarkets are refusing to stock certain products due to rising prices, technical efficiency will be key to maximising profitability going forward. With this in mind and following on from the launch of ‘Preparing for Sustainable Farming, this month’s edition highlights the importance soil sampling, the launch of the Beef Strategy 2030 which sets out key objectives for the beef sector to achieve a strong future for the industry, and how other countries are tackling seeking to achieve Net Zero by 2045.
While the enterprise and sector articles largely paint a positive picture with regards prices and demand, with harvest and autumn sales just around the corner, attention to deal now will boost profits later. Last but not least, in a changing world, hemp has some surprising new uses.
- Northern Ireland Protocol Update
- Food Trends