In this article, we will explore the 10 Stocks Most Affected by Inflation.
Inflation had been easing before the latest energy shock, but it is now facing a fresh cost-push impulse. In the U.S., CPI was up 2.4% year over year in February 2026, with core CPI at 2.5% (Source: BLS). In the euro area, February inflation was 1.9% (Eurostat). Across the OECD, headline inflation was 3.7% in December 2025, broadly stable rather than accelerating (OECD). That matters because it implies the current inflation risk is not primarily demand-led. It is coming from energy, freight, and supply-chain stress.
The Strait of Hormuz is central to that risk. Reuters reported that roughly 20% of global oil and LNG flows move through the waterway, and disruptions there have already forced rerouting, production cuts, and force majeure declarations in parts of the region. Saudi Arabia’s March Red Sea exports are set to rise to about 3.8 million barrels per day as it diverts crude through Yanbu, while Iraq’s southern production reportedly fell from 3.3 million bpd to 900,000 bpd amid export disruption. Reuters also reported that Goldman Sachs now expects Brent to average $110 in March and April, up from a prior $98 view, due to prolonged Hormuz disruption risk.
Shipping is reinforcing the pressure. Reuters said large crude carrier rates from the Middle East to China hit $423,736 per day in early March. Drewry’s World Container Index stood at $2,172 per 40-foot container on March 19, up for a third straight week, while UNCTAD has already warned that Red Sea disruption kept freight rates well above pre-crisis levels. Higher fuel, insurance, and transit costs raise delivered costs even where goods themselves are unchanged.
The sectors most exposed are those with high fuel, feedstock, or freight intensity: airlines, chemicals, petrochemicals, shipping, road transport, autos, construction materials, and parts of the consumer discretionary retail sector. Reuters and AP have already shown the mechanism: jet fuel has jumped sharply, airlines are cutting routes or raising fares, and chemical producers are lifting prices as energy and raw-material costs rise. More resistant sectors are those with relatively inelastic demand, regulated or contractual pricing, or lower direct energy intensity, including many utilities, healthcare services, telecom, and consumer staples. We wouldn’t call it immunity, however. It is simply weaker first-round exposure to the current energy-and-logistics shock.
Methodology
We used the consensus of financial media and other websites to compile our list of stocks most exposed to inflation dynamics. We then limited our final selection to companies that have recently reported noteworthy developments likely to affect investor sentiment. These stocks are also popular among analysts and elite hedge funds.
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10. Macy’s, Inc. (NYSE:M)
Macy’s Inc. (NYSE:M) is one of the stocks most affected by inflation.
On March 19, 2026, TD Cowen analyst Oliver Chen maintained a Hold rating on Macy’s and cut the price target to $20 from $21. Public summaries of the note said the firm pointed to a fourth-quarter earnings beat, with adjusted EPS of $1.67 versus expectations near $1.57, and comparable sales growth of 1.8% against expectations for a 0.9% decline, helped by strength in fragrance and luxury categories. Even so, the target cut reflected margin concerns, which fits the broader pressure facing department stores as inflation, tariffs, and freight-related costs keep the consumer and the cost base under strain.
For context, Macy’s reported fourth-quarter 2025 net sales of $7.64 billion, down 1.7% year over year, while adjusted EPS came in at $1.67 and comparable sales rose 1.8%. For fiscal 2026, the company guided for net sales of $21.4 billion to $21.65 billion and adjusted EPS of $1.90 to $2.10. Management said it was taking a prudent view because of macroeconomic and geopolitical uncertainty affecting consumer spending, and CFO Tom Edwards said tariffs are expected to reduce EPS by about $0.05 to $0.10 and gross margin by roughly 40 to 60 basis points, especially in the first half.
Macy’s, Inc. (NYSE:M) is a U.S. department store retailer that operates the Macy’s, Bloomingdale’s, and Bluemercury banners.
9. Target Corporation (NYSE:TGT)
Target Corporation (NYSE:TGT) is one of the stocks most affected by inflation.
On March 9, 2026, DA Davidson analyst Michael Baker maintained a Buy rating on Target and raised his price target to $140 from $120. Public summaries of the note said the new target was based on 16 times the firm’s 2027 EPS forecast, a multiple DA Davidson said was in line with Target’s five-year and ten-year average valuation ranges.
The call context matters here. At Target’s March 3, 2026, financial community meeting, Baker directly challenged management on why the turnaround push was coming now, despite largely the same leadership team, effectively pressing executives on why investors should believe the reset was real this time. CEO Michael Fiddelke answered that management had taken a candid look at what was not working, while also pointing to a leadership bench that was partly refreshed, saying more than half the leadership team was either new to the role or new to Target in the prior 18 months.
Target Corporation (NYSE:TGT) is a U.S. big-box retailer selling merchandise across categories including apparel, beauty, essentials, home, and food through its stores and digital channels.
