Northern Ireland's farming sector is escaping the worst of the cost-of-living crisis, new figures suggest.
Farmers reduced their spending on fertiliser and feed in 2022 in light of soaring average costsNorthern Ireland's farming sector is escaping the worst of the cost-of-living crisis, new figures suggest.
Farm incomes rose by 11.3% in 2022 in real terms, provisional data from the Department of Agriculture, Environment and Rural Affairs shows.TIFF is the return on own labour, management input and own capital invested.Profits for farms are expected to rise by 10% in 2022-23, to £47,305. Daera said the increase was particularly marked for dairy farms due to the higher raw milk price off-setting increased input costs.
But incomes on cereal, sheep and cattle and sheep and cattle on lowland farms are expected to fall 33%, 66% and 54% respectively. The estimated value of subsidies in 2022 was £297m, a figure Daera said had decreased by 4% compared with 2021.All sectors including poultry, pigs, sheep and horticulture had an increase in their turnover and all intensive sectors had an increase in their producer prices, with poultry up 25%, eggs rising by 13% and and increase of 19% for pigs.
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