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Highlights:
- Prices for fresh food in the country saw the fastest jump since the records began.
- Shop price inflation was recorded at 7.4%, higher than the 6.6% recorded last month.
In what comes as another alarming sign of rising inflation and the difficult times that lie ahead for Brits, prices for fresh food in the country saw the fastest jump since the records began.
As per the British Retail Consortium (BRC), food prices this month jumped 14.3% compared to last year's period. This is the steepest annual increase since 2005. The latest numbers are another blow to millions of households already grappling with the cost-of-living crisis.
Image source: © Branex | Megapixl.com
The BRC survey, conducted between 1 and 5 November, also highlighted that the prices increase for other food items was the fastest increase in 17 years after it touched 12.4% in November from 11.6% in the previous month. Overall, shop price inflation was recorded at 7.4%, up from 6.6% in October.
Helen Dickinson, CEO of BRC, predicts that the price rises could ease in 2023. However, Brits will still have to face tough winters and be forced to slash their seasonal spending.
It may be noted that several retailers have already raised concerns over the upcoming holiday season. Surveys have also highlighted that people are planning to cut back on spending during the holidays due to the cost-of-living crisis. The Bank of England has been monitoring signs of persistent inflation in the UK economy.
Amid the latest food inflation numbers, let's take a look at some food-related stocks.
Associated British Foods Plc (LON: ABF)
The food processing firm operates in over 50 countries. It belongs to the FTSE 100 index and holds a market cap of £12,527.99 million. The stock has a one-year and YTD return of -17.14% and -21.19%, respectively. Its EPS stands at 0.61, and the turnover (on book) is £757,721.48 as of 30 November.
Cranswick Plc (LON: CWK)
Another FTSE-listed food producer is Cranswick, which supplies bread, meats, and snacks. The company belongs to the FTSE 250 index and holds a market capitalisation of £1,663.71 million as of 30 November. The EPS stands at 1.96. The stock has given a negative return of -13.66% over the past year. The YTD return is also negative at -16.32%.
Premier Foods Plc (LON: PFD)
An FTSE 250-listed company, Premier Foods owns many popular brands like Cadbury, Mr Kipling, etc. Holding a market cap of £920.38 million, the stock has provided a return of 2.23% to investors over the past year. The YTD return is negative at -5.09%. Premier Foods holds an EPS of 0.09 as of 30 November.
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.
