SOUTHERN JOURNAL OF AGRICULTURAL ECONOMICS JULY, 1975 RECENT COST INCREASES: THEIR FUTURE IMPACTS ON AGRICULTURE*

INTRODUCTION that farmers had almost 25 years, from 1945 to 1970, to adjust to a comparable percentage in-The impact of rapidly escalating input prices t comparable percentage in-crease in input costs.-of farm income, agricultural production, produc- e in costs. tion adjustments, the general price level, the cost Examination of annual increases in the index of living and capital requirements in the agricul- of prices paid for production items reveals a shar