Year-over-year, farmers aren’t necessarily more concerned about inflation; however, a large majority of those who answered the latest RealAgristudies survey on the topic feel strongly that government policy has contributed to inflation.
The survey, which wrapped September 8, 2023, of over 500 farmers from across Canada, took the pulse not only on how farmers feel right now about inflation, interest rates, and policy, but also compared the results to how farmers answered the same questions last year.
In the video below, co-founders of RealAgristudies Shaun Haney and Justin Funk unpack how farmers feel about inflation levels now, how government policy is shaping and even driving that inflation, and whether or not increasing interest rates is an effective means to curb inflation. (more below)
While farmers may not be increasingly concerned about inflation, the impact of higher interest rates and the higher cost of doing business is weighing on their minds. Of those surveyed, 59 per cent said that increased interest rates rates had already put planned growth on hold.
The larger impact of that could also mean that farm transition and succession success is in peril, as 44 per cent said that inflation and increasing interest rates has negatively impacted their succession plans.
Want to read more? Download the summary report here.