Concerns over record-high inflation, supply chain bottlenecks, growing geopolitical tensions, and the Fed's impending interest rate hikes continue to negatively impact investor sentiment. But while surging inflation has impacted the financials of numerous companies, consumer staples companies are well-positioned to pass on higher prices to customers and remain profitable due to the near-inelastic demand for their products.
Furthermore, according to recent reports from Bank of America, the total spending on credit and debit cards increased 12.3% year-over-year from early February, and 90% of consumers are expected to spend more on groceries, household, and personal items in the coming months.
