US food giants prepare for price hikes
Rising global food prices have increased costs for US food producers.
The FAO Food Price Index rose 1.5% month-on-month in September to 136 points, reaching its highest level since November 2022.
General Mills, Conagra Brands and McCormick highlighted growing cost pressures from higher raw material, energy and transportation expenses. General Mills is considering price increases among its options, while Conagra has already begun implementing them. McCormick raised its full-year cost inflation forecast to 6-7%.
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