With news last week that the inflation rate has fallen, rural cost inflation is set to descend relatively rapidly. This is the view of Westpac Senior Agri Economist Nathan Penny who says from the 15.3% reading for December 2022, we estimate that annual rural cost inflation will fall to around 4% by December 2023 and a further fall to around 2% by December 2024. He says over the past year feed fertilizer and fuel costs have been very high along side higher mortgage costs. Nathan Penny says fertilizer prices silage wheat and barley feed and grazing will all get cheaper.
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