Inflation- Charles Holt (Lincoln)

There are many examples of cost price inflation in the news today.  Anyone involved in even the smallest construction project will have seen serious price increases recently, unless they have been clever enough to have locked into a contracted price some months ago.  In some cases, even a signed contract is not protecting you, as builders are handing back deposits, saying they cannot do the work for the agreed price.  You could try enforcing the contract, but do you want a builder on your site who is in the process of going bust because you forced him to start work?

Prices for other items are way up as well, from feed and fertiliser to electricity.  Is it time that you re-assessed your farm business budget, and thought about your business profitability for this year?  While milk, beef, lamb, arable crop and other output prices are strong now, are they strong enough to keep you in the black for the whole year? 

Never has there been a more important time to budget ahead with so many things and prices changing.