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home / news releases / COCO - Food prices outpace overall inflation again - will these stocks benefit?


COCO - Food prices outpace overall inflation again - will these stocks benefit?

2023-08-10 08:56:13 ET

Consumer prices rose 3.2% in July in comparison to last year to come slightly cooler than the 3.3% pace expected by economists. Core CPI was up 4.7% year-over-year and 0.2% higher on a month-to-month view.

Overall, food prices were up 4.9% in July from a year ago and tracked 0.2% higher from June. Some of the food categories that are still showing elevated levels of inflation include bread (+9.5% Y/Y), flour (+8.5%), milk (+11.0%), frozen fruits and vegetables (+11.8%), candy (+11.0%), and apples (+7.5%). Meanwhile, the broad category that includes meat, poultry, fish, and eggs showed a 0.2% year-over-year drop. Household staples such as milk, bacon, butter, and eggs prices all showed a decline in prices from a year ago.

What to watch: The list of packaged food and beverage companies that have seen pricing power boost their bottom lines includes TreeHouse Foods ( THS ), SunOpta ( STKL ), Lamb Weston ( LW ), WestRock Coffee Company ( WEST ), Kraft Heinz ( KHC ), J.M. Smucker ( SJM ), BellRing Brands ( BRBR ), Sovos Brands ( SOVO ), MGP Ingredients ( MGPI ), Post Holdings ( POST ), General Mills ( GIS ), Campbell Soup ( CPB ), Lifeway Foods ( LWAY ), Lancaster Colony ( LANC ), Bridgford Foods Corporation ( BRID ), Kellogg ( K ), ConAgra Brands ( CAG ), Celsius Holdings ( CELH ), Vita Coco ( COCO ), PepsiCo ( PEP ), Coca-Cola ( KO ), and National Beverage ( FIZZ ). Some food and beverage sellers kept the pricing power, even with certain commodity and transportation costs fading. Walmart ( WMT ), Target ( TGT ), Kroger ( KR ), Albertsons ( ACI ), Sprouts Farmers Market ( SFM ), and Costco ( COST ) could also benefit if food price increases remain sticky in key categories.

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Food prices outpace overall inflation again - will these stocks benefit?
Stock Information

Company Name: The Vita Coco Company Inc.
Stock Symbol: COCO
Market: NASDAQ
Website: thevitacococompany.com

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