General Mills raises 2023 forecasts again on price hike boost

General Mills Inc (GIS.N) on Thursday raised its fiscal 2023 forecasts for a fourth time after beating estimates for quarterly results, helped by price increases and steady demand for its packaged-food products. General Mills’ organic sales in the third quarter rose 16%, helped mainly by higher prices, while volumes remained flat. Multinational packaged food companies have been bumping up their product prices to shield their profit margins from spiraling costs and have faced low resistance as Americans cut down on dining out amid growing fears of a recession.