Higher energy prices will eventually lead to higher food prices: DNB
Published . Updated .
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Higher energy prices will filter through to other products, such as food, with a time lag. This explains why some grocery items have become cheaper, even as overall inflation keeps rising, according De Nederlandsche Bank (DNB). The recent decline in prices is no guarantee that
Directly affected
- No company is named in this report.
Indirectly affected
- USO United States Oil Fund-1.1% 30d
United States Oil Fund: its price follows crude oil. Linked by “energy prices” (oil) in this story.
- XLE Energy Select Sector SPDR+7.4% 30d
Energy Select Sector SPDR: its price follows crude oil. Linked by “energy prices” (oil) in this story.
- DBA Invesco DB Agriculture Fund-5.1% 30d
Invesco DB Agriculture Fund: it follows farm commodity prices. Linked by “food prices” (grains and farm goods) in this story.
- TIP iShares TIPS Bond ETF+1.1% 16d
iShares TIPS Bond ETF: it is a common hedge when prices rise. Linked by “inflation” (inflation and prices) in this story.
- XOM ExxonMobil Holdings-2.7% 17d
ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “energy prices” (oil) in this story.
- CVX Chevron+4.7% 30d
Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “energy prices” (oil) in this story.
- COP ConocoPhillips+8.3% 30d
ConocoPhillips (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “energy prices” (oil) in this story.
- SHEL Shell+0.0% 6d
Shell (crude petroleum and natural gas): oil producers' profits rise and fall with crude prices. Linked by “energy prices” (oil) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| USO | -2.03% | -2.82% | base | after close | after close | after close | after close |
| XLE | -4.57% | -2.42% | base | after close | after close | after close | after close |
| DBA | -1.70% | -0.70% | base | after close | after close | after close | after close |
| TIPNo price data for this ticker | — | — | — | — | — | — | — |
| XOM | -3.42% | -2.31% | base | after close | after close | after close | after close |
| CVX | -4.09% | -2.99% | base | after close | after close | after close | after close |
| COP | -5.48% | -3.22% | base | after close | after close | after close | after close |
| SHELNo price data for this ticker | — | — | — | — | — | — | — |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Higher energy prices will eventually lead to higher food prices: DNB NL Times
Source: NL Times
Select Sector Spdr Tr (XLE) since this story, compared with the market
| Company | When | Move | Status |
|---|---|---|---|
| Conocophillips (COP) | three days earlier | -3.22% | final price |
| Conocophillips (COP) | five days earlier | -5.48% | final price |
| Chevron (CVX) | three days earlier | -2.99% | final price |
| Chevron (CVX) | five days earlier | -4.09% | final price |
| Invesco Db Agriculture Fund (DBA) | three days earlier | -0.70% | final price |
| Invesco Db Agriculture Fund (DBA) | five days earlier | -1.70% | final price |
| United States Oil Fund (USO) | three days earlier | -2.82% | final price |
| United States Oil Fund (USO) | five days earlier | -2.03% | final price |
| Select Sector Spdr Tr (XLE) | three days earlier | -2.42% | final price |
| Select Sector Spdr Tr (XLE) | five days earlier | -4.57% | final price |
| ExxonMobil Holdings (XOM) | three days earlier | -2.31% | final price |
| ExxonMobil Holdings (XOM) | five days earlier | -3.42% | final price |
Trades by members of Congress and officials in the stocks in this story
- Rep. Pete Sessions sold ExxonMobil Holdings (XOM), worth $1,001 - $15,000 on 14 Oct 2026. That is 32 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold ExxonMobil Holdings (XOM) (jointly held), worth $100,001 - $250,000 on 31 Aug 2026. That is 76 days before publication. Filed 25 Sep 2026. View the filing.
- Rep. Pete Sessions sold Chevron (CVX), worth $15,001 - $50,000 on 14 Oct 2026. That is 32 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold Chevron (CVX) (jointly held), worth $15,001 - $50,000 on 23 Sep 2026. That is 53 days before publication. Filed 13 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar bought Chevron (CVX), worth $1,001 - $15,000 on 2 Sep 2026. That is 74 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Conocophillips (COP) (held by a spouse), worth $1,001 - $15,000 on 26 Aug 2026. That is 81 days before publication. Filed 14 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Conocophillips (COP) (held by a spouse), worth $1,001 - $15,000 on 24 Aug 2026. That is 83 days before publication. Filed 14 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Conocophillips (COP), worth $1,000,001 - $5,000,000 on 21 Aug 2026. That is 86 days before publication. Filed 8 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around Select Sector Spdr Tr (XLE)
Companies mentioned with this story
- XLE Select Sector Spdr Tr
Select Sector Spdr Tr (XLE) is linked, with no stored direction, medium confidence in the 15 Nov 2026 story “Higher energy prices will eventually lead to higher food prices: DNB.” Reason on file: Energy Select Sector SPDR: its price follows crude oil. Linked by “energy prices” (oil) in this story
- DBA Invesco Db Agriculture Fund
Invesco Db Agriculture Fund (DBA) is linked, with no stored direction, medium confidence in the 15 Nov 2026 story “Higher energy prices will eventually lead to higher food prices: DNB.” Reason on file: Invesco DB Agriculture Fund: it follows farm commodity prices. Linked by “food prices” (grains and farm goods) in this story
- XOM ExxonMobil Holdings
ExxonMobil Holdings (XOM) is linked, with no stored direction, medium confidence in the 15 Nov 2026 story “Higher energy prices will eventually lead to higher food prices: DNB.” Reason on file: ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “energy prices” (oil) in this story
- USO United States Oil Fund
United States Oil Fund (USO) is linked, with no stored direction, medium confidence in the 15 Nov 2026 story “Higher energy prices will eventually lead to higher food prices: DNB.” Reason on file: United States Oil Fund: its price follows crude oil. Linked by “energy prices” (oil) in this story
- CVX Chevron
Chevron (CVX) is linked, with no stored direction, medium confidence in the 15 Nov 2026 story “Higher energy prices will eventually lead to higher food prices: DNB.” Reason on file: Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “energy prices” (oil) in this story
- ADM Archer-Daniels-Midland
For “Higher energy prices will eventually lead to higher food prices: DNB,” Archer-Daniels-Midland (ADM) is linked, with no stored direction, medium confidence. Reason on file: Archer-Daniels-Midland (fats and oils): crop traders and farm suppliers move with grain prices and trade. Linked by “food prices” (grains and farm goods) in this story
- COP Conocophillips
For “Higher energy prices will eventually lead to higher food prices: DNB,” Conocophillips (COP) is linked, with no stored direction, medium confidence. Reason on file: ConocoPhillips (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “energy prices” (oil) in this story
- DE Deere
In “Higher energy prices will eventually lead to higher food prices: DNB,” Deere (DE) is linked, with no stored direction, medium confidence. Reason on file: Deere (farm machinery and equipment): crop traders and farm suppliers move with grain prices and trade. Linked by “food prices” (grains and farm goods) in this story
Select Sector Spdr Tr (XLE)
The 15 Nov 2026 story “Higher energy prices will eventually lead to higher food prices: DNB” names Select Sector Spdr Tr (XLE) because of this story.
The link for Select Sector Spdr Tr (XLE) is this: Energy Select Sector SPDR: its price follows crude oil. Linked by “energy prices” (oil) in this story
A second company, Invesco Db Agriculture Fund (DBA), is listed for a different reason: Invesco DB Agriculture Fund: it follows farm commodity prices. Linked by “food prices” (grains and farm goods) in this story
Price levels for Select Sector Spdr Tr (XLE)
DBA traded between 26.80 and 28.86 across 20 sessions. The latest close on file is 26.80. XLE traded between 63.05 and 70.15 across 20 sessions. The latest close on file is 66.70. XOM traded between 167.40 and 188.47 across 17 sessions. The latest close on file is 169.46.
A simple score for Select Sector Spdr Tr (XLE)
46 out of 100
“Higher energy prices will eventually lead to higher food prices: DNB” scores 46 out of 100. The score uses 1 sources, and 8 linked companies.