How these five economic factors could impact agriculture in 2022 – Michigan Farm News

Inflation, energy costs, interest rates, the federal deficit and global supply chain challenges are all contributing to a great deal of uncertainty for the US farm economy in 2022. | Photo by Fuelchief

For the last two years, we’ve carved out time each spring to summarize a few key macroeconomic factors to watch. In 2020, we wondered about the massive economic contraction as the COVID virus shut down the economy.

Last year, we were optimistic about the vaccine rollout and the hopes for an economic recovery. For this year’s list, the U.S. economy is facing higher prices and global conflict.

Inflation

You don’t have to search very far to see evidence of inflation. In fact, Google search-engine data reveal people are “searching” for inflation more than ever.

Last June, we wrote a short memo (What We Are Thinking About: On Inflation) about the issue, and a few points are worth sharing:

Talk of inflation immediately summons thoughts of the 1970s and the run of high inflation experienced…

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