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Abstract

Since 1973, inflation has been a pervasive phenomenon affecting the agricultural sectors of most developed and developing countries. Despite its current significance, the issue of inflation and its impact on the agricultural sector is remarkably under-researched. In this paper we assess some of the economic impacts of inflation on Canadian agriculture in an attempt to isolate major influences and their effects. We consider effects on the prices of farmland, the increased risk and uncertainty affecting the industry, and a possible deterioration in the terms of trade between agriculture and the rest of the economy. We assess the effect of these and other inflation related influences on efficiency, productivity, and equity in the Canadian agricultural sector. The general conclusion of the paper is that the impacts of inflation on efficiency and productivity appear to have been minor compared to its distributional effects.

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