Of shoppers who are concerned about rising food prices, only 32% reported in February that they are buying fewer items as a strategy to address rising prices, down from 41% in October.
US farmers received 4.5% more for their goods in November than in October, the US Department of Agriculture said in its latest Agricultural Prices report.
Hormel Foods Corp. will increase advertising spend on its turkey portfolio in fiscal 2023 after raising prices in fiscal 2022. Highly pathogenic avian influenza (HPAI) should continue to impact the turkey category negatively in the next fiscal year, but to what degree remains unknown.
Indulgent foods, including chocolates, confectioneries, savory snacks and ice cream, are likely to see a notable dip in retail sales as a result of inflation, according to market research firm GlobalData.