While American families are dealing with record-high grocery prices, farm families can expect to see a drop in income during 2023. American Farm Bureau Federation economists analyzed the Farm Income Forecast in their latest Market Intel Report, noting that income will fall 16 percent this year while costs will rise over four percent.
“The farm income forecast is a stark reminder that American farmers and ranchers aren’t reaping benefits from higher grocery store prices,” says AFBF President Zippy Duvall. “While some commodity prices are rising, farmers are being hit by circumstances beyond their control, which is why the farm bill is so important and must get passed this year.”
Adding to the challenges are rising interest rates and farm-sector debt that will increase by $31.9 billion to a record $535 billion. “Farm bill programs enable farmers to manage the risk and weather the challenges to continue feeding America’s families,” Duvall adds.
