Food CPI accelerates further (SJM)
The food index increased 0.7% in November sequentially and 6.1% YOY. In November, the food at home index increased 0.8%, driven by increases in all six major grocery store categories. The food at home index was 6.4% higher YOY. The indexes for fruits and vegetables increased 1% from October and 4.0% YOY. Meats, poultry, fish, and eggs increased 0.9% in November and 12.8% YOY. The index for dairy had the smallest increase of 1.6% over the past year, while alcoholic beverages were up 1.9% YOY. The index for coffee accelerated from 4.7% YOY in October to 7.5% in November. The food away from home index increased 5.8%, the largest 12-month increase since 1982. Our macro team calls for the CPI to decelerate, which could be led by energy in the near term. Food inflation looks to remain elevated, with food manufacturers planning further price hikes. 
Cacti discontinued (BUD)
Anheuser Busch InBev discontinuing Travis Scott's Cacti hard seltzer highlights the risk of celebrity-endorsed brands. AB InBev discontinued the line in the aftermath of the Astroworld tragedy. The tragedy likely made marketing untenable.
Instacart turnover
Carolyn Everson resigned from Instacart, whereas the president headed retail, business development, and advertising. She joined the company in September. Instacart's CEO said a "clear mismatch between our priorities." Ms. Everson had been head of global advertising at Facebook, where the current CEO Fidji Simo came from. According to media reports, the CEO had different expectations over managing its relationship with its grocery retailers. Ms. Everson's departure follows Chief Revenue Officer Seth Dallaire's departure in October. Instacart, which has a current valuation of $39B, is still seeking an IPO in 2022.
Instacart has partnered with numerous grocers, but there are areas of potential conflict like the current plans to build its fulfillment centers in or near grocery stores. Grocery is the most competitive sector of retail, and the thin margins do not foster an environment favorable for long-term partnerships.
Finding permanent workers will not be easy (K)
After union members voted down the tentative agreement, Kellogg's said they planned to hire permanent workers. President Biden later issued a written statement criticizing the decision to begin to hire permanent replacements. The tight job market makes it difficult for employers to fill positions that do not involve crossing picket lines. Reddit users have begun to flood the company's application system with fake applications.
