Pig farmers lost an average of £17 for every animal they reared in the fourth quarter of 2022 - continuing more than two years of financial losses.

Analysis by the Agriculture and Horticulture Development Board (AHDB) estimates the sector's production costs of 224p/kg fell by 3p/kg compared to the previous quarter.

Although crippling animal feed costs - driven by high wheat prices following Russia's invasion of Ukraine - fell slightly, they still account for 69pc of total costs.

Meanwhile high energy bills, stemming from rising fuel and gas prices, added to the cost of transport, rearing and finishing.

Although prices paid for slaughtered pigs stabilised, they "continue to fail to cover the full economic cost of production" - leaving farmers with negative average margins for the ninth successive quarter.

While representing significant losses on many Norfolk and Suffolk herds, the figures are an improvement on average losses over £50 per pig in the first two quarters of 2022.

The outlook has improved during the current quarter, with feed prices falling further in January, and pig prices increasing steadily since the start of the year.