Kraft Heinz Co (KHC)

Shares of The Kraft Heinz Company (KHC) dropped by 5.02% from $32.44 to $30.81 in the trading on Thursday, October 12, 2023. The reason why KHC stock down include:

• Higher-than-expected CPI: On October 12, a report revealed that September's Consumer Price Index (CPI) inflation came in at 3.7%, surpassing expectations of 3.6%. Core CPI inflation stood at 4.1%, in line with expectations. This higher inflation raised concerns among investors about a potential interest rate hike by the Federal Reserve, leading to a broader decline in the stock market, including KHC stock.
• Inflation Impact on Food Prices: Inflation, particularly in the food sector, played a significant role in KHC's stock decline. The Bureau of Transportation Statistics reported a year-over-year increase of 3.7% in food prices for September. This inflationary pressure affected the food and beverage industry, contributing to the challenges faced by KHC in 2023.