🔸 Sales Data Suggest Food Deflation Has Arrived: DA Davidson
Food sales are falling after nearly a year of decelerating growth. DA Davidson analyst Michael Baker says in a research note that IRI data show food sales dropping 0.2% year-on-year in the four weeks ending Dec. 31, compared with a revised 0.7% increase in the previous month. It's the 11th straight month of decelerating sales growth in point-of-sale data, and the December numbers affirm Baker's prediction of deflation after November data. Grocery store chains are likely to face pressure on sales in the near-term, he says