How do input prices over the years compare and what industries have taken the biggest hit?
Inflation has impacted all areas of the economy, and the ag sector is no exception.
New data from the National Ag Statistics Service shows farm production expenses went up more than 15 percent last year. That is an increase of nearly $60 billion in 2022, topping out at just under $453 billion.
Livestock producers were hit the hardest as they saw an 18.1 increase last year with feed topping the list.
Crop farms saw a 12.6 percent increase in their expenses. Fertilizer, lime, and soil conditioners were the top cost at just under $32 billion.
Fuel costs were another major factor. Diesel was 35.4 percent higher than in 2021, topping out at $11.4 billion.