New Delhi, June 24 -- Oil's retreat below $80 a barrel may be good news for consumers, but it complicates the outlook for packaged-food companies. Although lower energy costs can ease pressure on transportation, packaging, and manufacturing, it could make it harder for companies to raise prices, Barclays analysts said in a Tuesday note.

It has been a challenging time for packaged goods companies. As of Tuesday, General Mills stock was down 25% year to date, while Campbell's declined about 24% and Conagra Brands shares have lost 22%.

The industry is stuck in an uncomfortable position: Volumes remain weak after several years of price increases, as shoppers have pushed back against higher grocery bills. Many food makers have been trying to...