General Mills told investors Wednesday that the company expects to see inflation running at a lofty 7% this year.
Officials with the Lucky Charms maker said they expect to be able to handle the impact, but consumers may feel a hit.Daniel Acker | Bloomberg | Getty ImagesThe maker of the "magically delicious" cereal, along with a slew of other food products, told investors Wednesday that the company expects to see inflation running at a lofty 7% this year.but a further sign that at least in some areas, cost pressures are going to continue to build.
"While I don't want to get too specific at the segment level, what I will tell you is all of our segments are experiencing higher inflation," Kofi Bruce, General Mills' chief financial officer, told analysts on an earnings conference call Wednesday. Company officials said they expect to be able to manage costs this year, listing several different strategies they expect to employ.
Among those Bruce listed are "strategic revenue management, both list pricing, price pack optimization , trade optimization, all of those things to yield us enough to cover our inflation expectations."