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Food and drink companies suffer as US shopper sentiment sinks

Groups report soft sales and plans to cut prices as consumer confidence falls to its weakest level in more than a decade

A downbeat mood among US consumers is showing up in corporate results as companies that sell them food, drinks and household goods warn of soft sales.

The chocolate and biscuit maker Mondelez International pinned a drop in North American revenue on “economic anxiety and low consumer sentiment”, while Chipotle Mexican Grill chief executive Scott Boatwright said traffic to the US burrito chain fell for the fourth straight quarter as diners are “pulling back on overall restaurant spend”.

PepsiCo is planning to cut prices by up to 15 per cent for its chips and cheese puffs as the nation heads into Super Bowl football weekend, with CEO Ramon Laguarta noting low- and middle-income consumers were “stretched”.

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