Food Prices Are Back to Where They Were in the 2011 Crop Crisis [Business News Network (BNN) (Canada)]
Albertsons Companies, Inc. Class A (ACI)
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Source: Business News Network
And the timing couldn't be worse, coming just as government stimulus fades and consumer savings start to run dry. Now, the post-pandemic rebound is doing the same thing to prices that natural disasters and civil wars did a decade ago, which demonstrates the magnitude of the problem. Covid-driven demand is having a major impact on food inflation, as more people choose to cook and eat at home rather than go to restaurants. Last fall, retail sales data indicated that spending on food and beverages was one of the main drivers of price increases. And while December's data showed that spending may be decreasing, food and beverage retail sales are still up 9.3% year-over-year. Emerging markets like Mexico and Columbia are feeling the pinch, as fresh food prices drive up inflation and push their central banks to raise rates faster than G-10 countries to combat inflation. More locally, the impact can be seen in earnings for the supermarket chain Albertsons Cos., which is having to raise
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News
- Albertsons Companies, Inc. (NYSE: ACI) was upgraded by analysts at Roth Capital from a "neutral" rating to a "buy" rating.MarketBeat
- Albertsons (ACI) Q4 Earnings In Line, Sales Miss Estimates [Yahoo! Finance]Yahoo! Finance
- Albertsons Companies, Inc. (NYSE: ACI) had its "market perform" rating re-affirmed by analysts at Telsey Advisory Group. They now have a $27.25 price target on the stock.MarketBeat
- Albertsons Companies, Inc. (NYSE: ACI) was upgraded by analysts at Roth Mkm from a "neutral" rating to a "buy" rating. They now have a $24.00 price target on the stock.MarketBeat
- Albertsons Companies, Inc. (NYSE: ACI) had its price target lowered by analysts at Royal Bank of Canada from $23.00 to $22.00. They now have an "outperform" rating on the stock.MarketBeat
ACI
Earnings
- 4/22/24 - Beat
ACI
Sec Filings
- 4/22/24 - Form 8-K
- 4/22/24 - Form 10-K
- 4/22/24 - Form 8-K
- ACI's page on the SEC website