At-home food costs climbed 8.6% and out-of-home costs rose 6.8% in February from a year ago.

The producer price index for food was up 13.4% in the year ended in February, with grains and the beef and veal category rising 20% or more.

So, who can benefit? Let's take a look

Reacting to the surge in food costs, Wall Street has stuck with its usual playbook. Businesses like restaurants and packaged-food companies that are absorbing price increases have been hit, while farm-equipment makers, supermarkets, and food processors are seen as beneficiaries.

Investors have warmed to supermarket chains Kroger and Albertsons in the past year: $KR is up 54% while $ACI is up 83%. Their margins tend to widen in periods of inflation as they raise prices more than costs rise and consumers trade down to more-profitable private-label products

Neither stock is expensive. $ACI trades for 12x proj. earnings in its current FY and $KR for 15x

The knock on them is that they are relatively high-cost retailers because of their heavily unionized workforces and over time they will be market-share losers to $WMT, $TGT and $COST

Either way, if inflation continues, you're not not going to eat and be more price conscious at the food isle.

Food for thought...