Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Inflation eats into General Mills earnings, more food price increases expected

The Minnesota food giant is taking in more money but also spending more as ingredient costs soar

 

December 22, 2021

Ken Wolter, TNS

General Mills corporate headquarters in Golden Valley.

General Mills is taking in more money but also spending more as the cost for everything from oats to cardboard continues to rise, denting the food maker's profit.

The company, like all of its peers, has raised consumer prices on its food products - but it's not enough to offset increased expenses caused by supply chain backlogs and inflation.

The Golden Valley-based packaged food giant on Tuesday reported its quarterly earnings fell 13% for the second quarter, ended Nov. 28.

https://www.startribune.com/inflation-eats-into-general-mills-earnings-q2-gis/600129114/

 

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