The U.S. Consumer Price Index (CPI) rose 9.1% year-over-year in June, driven by high costs of fuel, food, and other necessities. Last month, to bring the prices down, the Federal Reserve announced the most aggressive hike since 1994. And the market expects a similar interest rate hike this month as well.
Price levels have been soaring at a pace not seen in decades and have fostered recession fears among investors. Therefore, shares of companies dealing with essential commodities are no-brainer buys due to the inelastic demand for their products irrespective of economic conditions.
