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Takeaway: Stick with the inflation slows consumption growth theme.

The CRB Food Index jumped another +2.7% last week. It’s now closing in on +22% year-to-date.

Food Prices Racing Higher - d45


Soybeans were up +3.8% last week to just shy of +19%, Coffee was up another +0.3% to over +77%, etc, etc.

This is a major tax on US #ConsumerSlowing.

Our advice? Stick with the inflation slows consumption growth theme.

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