Dairy and tillage incomes experienced 'sharp increases' in 2022 but inflation 'eroded' real values
The Teagasc survey shows that dairy farm income increased to €150,884 on average in 2022, up 53% on 2021.
Dairy and tillage family farm incomes experienced "sharp increases" last year largely due to higher milk and cereal prices, however, the high rate of general inflation over the last 18 months "eroded" the real value of income across all farms.
Teagasc published the results of the 2022 National Farm Survey on Monday, which shows that while cattle and sheep farms also saw the value of output increase, the rise in production costs left incomes last year on many of these farms either lower or relatively unchanged on the previous year.
