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The market has been focused on reopening trades, used cars and rents on inflation.
Full-service restaurants reported YoY inflation of 5.2% in September, their highest level on record (going back to December 1998), while limited-service restaurants saw an increase of 6.7%, their highest figure outside of August this year.
Rents, used cars and reopening services are important, of course, but we believe investors should pay close attention to food- because while travel and dining out are discretionary, eating at home is not.