Recent data from the month of February showed U.S. inflation jumped to a 7.9% annual rate – 40-year high. While inflation can be quick to increase, slowing down the giant tends to be more difficult. Chip Flory, Farm Journal economist and “AgriTalk” host says to tame inflation, the government must take drastic action, but notes that historically that has resulted in a recession. Double-digit inflation is easily remembered in history, particularly the boom of the 70s and into the 80s. But farmers who survived the crisis of 80s are slowly starting to age out of farming.
Along with Flory, other industry experts recently shared their tips for securing your farm’s future, including:
>> Lock in the current low rates before they start to rise
>> Stay consistent with your crops and livestock. Stick to what you know.
>> Build your nest egg now in preparation for a steep market downturn
>> Stay aware of inflation indicators
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