CHICAGO – General Mills Inc. (GSI) is raising prices 2 percent to 9 percent on several categories of foods, including Progresso soups (search), some frozen breakfast items, yogurt, and Totino's snack foods, a company spokeswoman told Reuters Tuesday.
"Costs have risen sharply, including energy and ingredients, leading to higher input costs of producing our products," said the spokeswoman, Marybeth Thorsgaard.
Some of the nation's biggest food companies, including Kraft Foods Inc. (KFT), Hormel Foods Corp. (HRL), Bob Evans Farms Inc. (BOBE), and Birds Eye Foods Inc. have said in recent months that they are taking measures to pass on soaring dairy soybean, corn, and meat prices to consumers.
Minneapolis-based General Mills declined to discuss the amount of the increases taken in each product category. The company is not raising prices on its Big G cereals, which include brands such as Wheaties, or on its frozen dough products, Thorsgaard said.
Shares of General Mills rose 5 cents to close at $45.86 on the New York Stock Exchange (search).