- July 4, 2021
- Posted by: Stratford Team
- Category: Business
St. Louis Federal Reserve Bank president James Bullard on the state of the economy and rising inflation concerns.
Major food and beverage producers are sounding the alarm on higher prices coming later this year.
The warning deals another blow to consumers who are already grappling with the biggest annual price increase in 13 years.
“We would anticipate prices going up,” General Mills CEO Jeffrey Harmening said on the company’s fourth-quarter conference call on Wednesday.
General Mills, which produces brands including Cheerios and Betty Crocker, expects total input cost inflation of about 7% during the current fiscal year. The company also sees higher costs associated with securing incremental capacity and logistics.
GAS PRICES AT 7-YEAR HIGH $3 PER GALLON LEVELS HERE TO STAY
To combat the higher costs, General Mills has already raised prices in its Foodservice business. Those increases are expected to kick in during the second quarter and…
