Food inflation is still running in the double digits - watch these stocks for pricing power
Hispanolistic

Consumer prices rose 6.4% in January in comparison to last year to cool off just slightly from the 6.5% pace in December. Core CPI was up 5.6% year-over-year and 0.5% higher on a month-to-month view.
Overall, food prices were up 10.1% in January from a year ago and tracked 0.5% higher from December. Some of the food categories that are still showing elevated levels of inflation include breakfast cereal (+15.0% Y/Y), bakery products (+15.4%), milk (+11.0), carbonated drinks (+14.3%), margarine (+44%), and bread (+14.9%). Meat prices were only up 2.2% Y/Y, with beef and veal prices actually dropping.
What about eggs? Egg prices soared 70.1% in January compared to a year ago and were 8.5% higher from December. Cal-Maine (CALM) is in general one of the biggest beneficiaries of higher egg prices.
What to watch: Packaged food and beverage stocks like TreeHouse Foods (THS), SunOpta (STKL), Lamb Weston (LW), WestRock Coffee Company (WEST), MGP Ingredients (MGPI), Post Holdings (POST), General Mills (GIS), Campbell Soup (CPB), Lifeway Foods (LWAY), Lancaster Colony (LANC), Bridgford Foods Corporation (BRID), TreeHouse Foods (THS), Kellogg (K), ConAgra Brands (CAG), Celsius Holdings (CELH), Vita Coco (COCO), PepsiCo (PEP), and National Beverage (FIZZ) have all outperformed the broad market over the last year with pricing power a big tailwind. Elevated food prices also typically provide a margin lift to major retailers. Watch Walmart (WMT), Target (TGT), Kroger (KR), Albertsons (ACI), Sprouts Farmers Market (SFM), and Costco (COST) for some margin relief if pricing power remains sticky.
Read what Coca-Cola (KO) execs said about inflation expectations earlier in the day.