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Food Week October 3 – 9, 2022

Welcome to Food Week October 3. (A somewhat truncated version this week due to some eye issues.) Labor shortages forcing wages up and preventing apples for getting picked. But global food prices have fallen steadily for the last 6 months and some companies, like Tesco and Cargill, are thriving despite inflation. Enjoy

MACRO

  • Hiring stays strong which will likely lead to the Fed further raising interest rates.
  • At the same time there is a labor shortage in this country. It leads to higher wages, helping to drive inflation.

RETAIL AND CONSUMER

  • One of the places where labor shortage hits hard are with apples. High prices and shortages this season.
  • One way that brands re coping with inflation is to cut back on promotions. Consumers and retailers starting to notice.
  • But inflation doesn’t hurt everyone. Tesco is doing quite well, thank you.
  • Retailers want to be in private label but their strategies often fall short.

RESTAURANTS AND FOODSERVICE

  • Following last week’s story, more background on QSR’s addiction to breakfast revenue.
  • Nice to know it wasn’t just me: drive thru lines are longer than ever and driving (ha) people away.

FOOD SUPPLY CHAIN

  • Just like Tesco, commodity giant Cargill sees record profitability.

FOOD WEEK OCTOBER 3 LAGNIAPPE

  • Fascinating story of scam artist who took Tyson for more that $200 million by raising pretend cattle.
  • Sun Maid marketers trying to flip the script on Halloween. Nobody wants raisins in their trick or treat bags.
  • Miracle herb Silphion thought extinct for over 2000 years. – maybe found?

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