Chart of the Month – TIFF in a trough?

In recent years, Northern Ireland’s agriculture sector had been outperforming all other sectors. After the Credit Crunch, whilst other sectors of the economy such as construction and manufacturing were struggling badly, the agri-food sector was in rude health, benefiting from favourable exchange rates as well as strong global demand. However over the last year, agriculture has been enduring a torrid time; indeed the most challenging conditions of all sectors. Total Income from Farming (TIFF) for instance is down 42 percent year on year and is now at its lowest level since 2006. Furthermore, TIFF is now almost 20 percent below the average of the last twenty years after accounting for inflation. Last year’s fall represented the steepest drop in farming incomes since the BSE crisis in 1998 (-56%).TIFF