Food inflation is now up 11.2% for the 12 months ending in September, and the figure has a striking detail: food at home inflation is up 13%, while food away from home is only up 8.5% over the last 12 months.
With food inflation still surging, up 8% for the twelve months ended August, and the Russia-Ukraine war adding to global food constraints, it's easy to see why restaurant brands and operators are experiencing diminishing margins on their bottom line.
Wedbush raised the price target on Darden Restaurants, Inc. (NYSE: DRI) from $122 to $134. Wedbush analyst Nick Setyan maintained the stock with a Neutral rating. Darden shares fell 4.4% to close at $125.45 on Thursday.