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Highlights:
- According to Kantar, a traditional dinner will cost 9.3% more this year due to the skyrocketing prices of food items.
- For the first time ever, sales are on course to top £12 billion this month.
Even as the rise in grocery prices has started to ease for the first time in nearly two years, this Christmas will still be a costly affair for many in the UK. With the cost-of-living crisis squeezing the pockets of millions of Brits, sales of several items have been impacted.
As per market research firm Kantar, a traditional dinner will cost 9.3% more this year due to the skyrocketing prices of food items. The price of parsnips has jumped 30%, while potatoes cost 20% more. Customers have to shell out 15% more for turkey this year. On the other hand, carrots have come down 7%, while brussels sprouts are 3% cheaper. Overall, a festive lunch for four will cost £31 per person this year.
© 2022 Kalkine Media®
The sales of mince pies and Christmas puddings have witnessed a fall on a year-on-year basis as customers cut down on spending to manage their budgets.
According to Kantar, shoppers might spend an additional £60 on their groceries this month compared to a year before. This will also take the amount households to spend in supermarkets to a record level. Kantar said that for the first time ever, sales are on course to top £12 billion this month.
This comes as consumers switch to own-label products to save money.
Let's take a look at some food-related stocks and analyse their investment prospects in the current situation.
Associated British Foods Plc (LON: ABF)
Associated British Foods is a leading food processing company listed on the FTSE 100 index. The multinational firm has a market cap of £13,176.38 million and an EPS of 0.61 as of 6 December. The stock has provided a return of -13.58% to investors over the past year. ABF shares were trading at GBX 1668.00, marginally down by 0.03% as of 9:33 am GMT on Tuesday.
Premier Foods Plc (LON: PFD)
The British food manufacturer belongs to the FTSE 250 index. It owns several popular food brands, including Cadbury. Holding a market cap of £910.02 million, the stock has given a return of -0.27% over the past 12 months. It has an EPS of 0.09, and its share price stood at GBX 105.40 as of 9:35 am GMT on Tuesday.
Cranswick Plc (LON: CWK)
The leading British food producer belongs to the FTSE 250 index and enjoys a market cap of £1,679.77 million. It has an EPS of 1.06 as of 6 December. The stock's one-year return stands in the red at -12.46%. CWK shares traded at GBX 3,194.00, up 1.79% as of 9:40 am GMT on Tuesday.
Note: The above content constitutes a very preliminary observation or view based on market trends and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.
