Many food companies and other businesses have indicated recently that they have needed to raise their prices to deal with increasing costs. General Mills Inc. was asked about its pricing during a conference call on Wednesday.
QUESTION: We were a little bit surprised that there wasn't a bit more price realization in the retail segment (during the third quarter). You mentioned that this should start to come on into the fourth quarter and then I suppose flowing through into 2012. Could you talk a little bit about why that is?
ANSWER (Chairman and CEO Ken Powell): It's been a little bit feathered by category the last few months and we have taken more here recently. We did see sequentially over the course of the quarter our prices strengthen and so they finished quite a bit stronger than they started. That trend is clear. We very much expect that price realization to accelerate as we go into March, April and May, the last quarter. I think it's very clear that's going to happen.