Sheep and Beef farmers are feeling the pressure of a second year of high inflation levels - which have not been seen since the 1980s.

Beef and Lamb New Zealand reports show a 40 year high at 16.3 percent; that's two and a half times consumer price inflation.

The most recent March figures follow a 10.2 percent increase over the previous 12-month period.

Westpac Agricultural Economist Nathan Penny told Roman Travers times are tough for farmers.

He says fertiliser, feed and interest rate bills have been red hot.

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