Finance-Accounting
For 13 straight months, the rural economy has posted healthy and consistent growth.
For 15 straight months, the rural economy has posted healthy and consistent growth.
Beyond what you pay for food and consumer goods, inflation impacts your balance sheet.
U.S. net farm income, a broad measure of farm profitability, is currently forecasted at $113.7 billion, down 4.5%, according to USDA’s most recent Farm Sector Income Forecast.
Inflation is exceptionally difficult to tame, says Chip Flory, Farm Journal Economist and “AgriTalk” Host: “To tame it, you have to kill it. If you kill it, you kill the economy, and it sends you into recession.”
The Federal Open Market Committee’s (FOMC) inflation target is 2%. Yet in February the rate, which is the measure of general price trends throughout the economy, was 6.4%.
Need a good conversation to fill some tractor or road time this spring? Listen to “The Farm CPA Podcast” with Paul Neiffer.
Collect and analyze the best financial data to aid decisions on your farm operation.
Think about how your farm has grown in size and scope over the past decade. Has your financial reporting followed suit?