Consumer staples will lose pricing as energy costs rise from Hormuz blockage, says RBC's Nik Modi

OF THE WORLD'S SUPPLY OF WHICH COMES FROM THE MIDDLE EAST. THAT IS UP NEARLY 30% OVER THE PAST MONTH, WITH WHICH WOULD MEAN HIGHER INPUT COSTS FOR FARMERS. MY NEXT GUEST SAYS THE UNCERTAINTY, COMBINED WITH INFLATIONARY EFFECTS OF HIGH OIL PRICES, HAS BEEN PLAYING A LITTLE HIDE AND SEEK WHEN IT COMES TO CONSUMER STAPLES.LET'S BRING IN NIK MODI. HE'S RBC CO-HEAD OF GLOBAL CONSUMER AND RETAIL. NIK, IT'S GOOD TO SEE YOU.I MEAN, YOU KNOW, THE QUESTION FOR THE PUBLIC IS ARE FOOD PRICES GOING UP. AND FROM THAT VER ...