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NEW YORK (Reuters) – Conagra Brands (NYSE:CAG) Inc Chief Executive Officer Sean Connolly said in a Reuters Newsmaker interview on Tuesday that he sees double-digit inflation in fiscal 2023, although protein costs are moderating.
The company, known for its brands Birds Eye and Chef Boyardee, raised its full-year forecasts last week, after beating quarterly results, helped mainly by higher prices for its snacks and ready-to-eat meals.
Its share price rose 12% in 2022 and shot up further after the improved forecasts.
Packaged food makers have undergone several rounds of price increases in the past year to shield their profit margins from higher costs, which people have accepted as they find eating out far more expensive than cooking at home.
