Some sobering news for US shoppers: There's little relief in sight on grocery store bills.
Grocery prices climbed 13.5% in August from the year before, the highest annual increase since March 1979, according to government data.
Even if some of these situations stabilize, it will take a while for those changes to reach consumers. General Mills, which makes everything from Cheerios to Blue Buffalo pet food, expects that its costs will increase by 14% to 15% for its 2023 fiscal year, led by a rise in prices of ingredients such as nuts, fruits and flavors. The company is planning additional price hikes for its retail customers.
"We think the risk of promotions ramping up significantly over the next couple of quarters is quite low," Harmening said during the call.
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