mini series
Food prices rose 3.7% year over year in September to match the overall pace of inflation seen in the United States during the month, according to data compiled by the Bureau of Transportation Statistics.
Food prices at home increased 2.4% year-on-year ago, while eating away from home shot up by 6.0%.
Categories with notable increases included beef (+7.0% year-on-year), sugar and candy (+6.5%), baby food and formula (+9.2%), and frozen vegetables (+11.6% ). Categories with prices lower than a year ago included eggs (-14.5%), pork (-1.7%), chicken (-2.1%), milk (-2.1%) and fish/shellfish (-1.5%).
The packaged foods sector fell almost across the board on Thursday, led by declines in Hormel (HRL) -8.8%Utz Brands (UTZ) -7.6%Lamb Weston (LW) -6.8%TreeHouse Foods (THS) -6.6%Whole Earth Brands (FREE) -6.1%Kraft Heinz (KHC) -4.0%B&G Foods (BGS) -4.0%J.M. Smucker (SJM) -3.7%and Campbell’s Soup (CPB) -3.5%. The Invesco Food and Beverage ETF (NYSERCA: PBJ) showed a 23% drop at 11:05 a.m. versus a smaller 0.3% drop for the S&P 500 index.
