Stephen Sanger, chief executive of US cereal maker General Mills, has said most food manufacturers in the US are likely to have to raise prices on some products in order to offset rising commodity costs.
Sanger did not, however, comment on whether prices would increase on any of General Mills’ products, saying it was against company policy to comment on prospective price hikes, reported Reuters.
“The food industry is facing significant inflation in its input costs and all of us will have the challenge of doing things to maintain our margins,” Sanger said in a speech at Goldman Sachs’ Global Consumer Products Conference in New York.
“That is likely going to be addressed through a combination of pricing and productivity,” he was quoted by Reuters as saying.
Hain Celestial and Birds Eye Foods are among several US food manufacturers to have recently announced planned price increases due to higher commodity costs.