With a couple of notable exceptions, the consumer staples sector has had a tough reporting season.
Inflation in raw materials, on which food producers spend about one-third of the value of their sales, is rising: PepsiCo, the US group, and UK-listed Unilever were among those flagging up higher bills.
Consumers in much of the developed world are fragile, while the more resilient emerging markets are becoming more competitive. The pincer effect of these two trends is leading some analysts to ask whether the industry – which has consistently outperformed the broader market over the past 25 years – has reached a turning point.
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