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But firstly we have news that the dairy farm prices are racing ahead because of the higher dairy payout and dairy farm sales volumes are also rising.Figures out on Friday from the REINZ show the median price in the three months to the end of January was a record NZ$4.25 million. That is up from $3.58 million in the three months to December and is up a whopping 57% from the same period a year ago.The number of dairy farm sales is also rollicking along. There were 48 dairy farm sales in January, whereas there were 53 in December and 55 in November.The dairy boom is also spilling over into beef and sheep grazing farm prices. Beef and lamb prices are near record lows, but still, farm prices for grazing land actually rose 45% from a year ago to a median price of $1.3 million. That's because dairy farmers are either buying up sheep and beef farms to convert them to dairying or buying the land for grazing dairy cattle.So what does this mean for the rest of us not lucky enough to own a farm. This boom in rural New Zealand will be watched closely by the Reserve Bank, particularly given much of it is being fuelled by bank lending.It will not doubt flow into inflationary pressures in the provinces.The Reserve Bank is widely expected to keep rates on hold when it next announces its decision on March 6, but there is little room for rate cuts, given inflation is outside the 1-3% band. Farm prices have almost doubled in the last two years. That cannot be ignored by the bank.