UNDATED -- The price of your morning Cheerios is going up.

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General Mills held its investor webcast Wednesday and announced a profitable 2022, but warned against inflation-related cost hikes in 2023.

Chairman and Chief Executive Officer Jeff Harmening says the company will also continue to feel the effects of the pandemic.

It is becoming increasingly clear that the environment in fiscal ‘23 will remain dynamic. We expect a significant step up and input cost inflation this year, from 8% in fiscal ‘22 to approximately 14% in fiscal ‘23. We are planning for rising inflation and reduced consumer spending power to lead to an increase in at-home eating and other value-seeking behaviors. We expect parts of the world will continue to experience COVID surges, driving mobility restrictions and impacting consumer food choices.

General Mills expects to fight their inflation costs with a combination of price-saving measures and higher retail prices.

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