General Mills says price hikes mostly done as elasticity increases

CEO Jeff Harmening said: “When it comes to pricing, we’re not going to comment specifically on forward-looking pricing.

We feel good about what we see right now with our pricing and the inflationary environment that we see, but we all know these things can change over time. And so, we think we have most of what we need in the marketplace already, but there may be a category where we need a little bit more, [or] maybe a geography where we need a little bit more because the inflationary prices are different.

On increasing resistance to price increases from cash-strapped consumers, Harmening said: “As you look at the last 12 weeks, it’s pretty clear that elasticity – volume elasticities – have increased.