JOHANNESBURG - AgriSA says the latest interest rate hike will see many farmers struggle to reach break-even point.
The South African Reserve Bank raised rates for the seventh consecutive time this week, taking the repo rate to seven percent.
Farmers will have to meet increasing debt servicing costs while coping with elevated fuel, feed, and fertiliser costs.
In the livestock sector, prices of grain and plant protein crops used for feed manufacturing have surged.
AgriSA says it has asked banks and government to step in with support.
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AgriSA says the latest interest rate hike will see many farmers struggle to reach break-even point. The Reserve Bank raised rates for the seventh consecutive time this week, taking the repo rate to 7%. pic.twitter.com/slxjTdXDHx
— eNCA (@eNCA) November 25, 2022