Nathan Penny: Agricultural Economist says times are tough as on-farm inflation reaches highest level since 1980s

Sheep and Beef farmers are feeling the pressure of a second year of high inflation levels - which have not been seen since the 1980s. Beef and Lamb New Zealand reports show a 40 year high at 16.3 percent; that's two and a half times consumer price inflation. The most recent March figures follow a 10.2 percent increase over the previous 12-month period. Westpac Agricultural Economist Nathan Penny told Roman Travers times are tough for farmers. He says fertiliser, feed and interest rate bills have been red hot. LISTEN ABOVE  See omnystudio.com/listener for privacy information.