Sheep and beef farmers are experiencing record on-farm inflation levels for the second year in a row.

Beef + Lamb NZ's report Sheep and Beef On-farm Inflation 2022-23 shows on-farm inflation is at 16.3 percent, a 40-year high.

In March, Beef + Lamb NZ forecasted a 30 percent decrease in average farm profit based on estimated on-farm inflation of 12–13 percent.

The Country's Jamie Mackay says this is crippling for farmers, as this higher-than-expected figure will lead to profits decreasing further.

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