Kellogg says it will raise prices

UPI ^ | 2/4/2011 | Staff

[FromLori]

U.S. cereal giant Kellogg Co. said it would raise prices 3 percent in 2011, the same increase it reported for its profits in 2010.

Fourth-quarter profits rose 7 percent over the third quarter and annual profits were up 3 percent, The Detroit News reported Friday. Revenues for the year dropped 1 percent to $12.4 billion.

John Bryant, the company's new chief executive officer, said Kellogg would raise prices due to the rising cost of commodities.

"The price increases are merely passing on a portion of those higher costs," he said.

[Graybeard58]

Lucky,my family doesn’t eat their garbage.

Yep, this price increase is going to cost me exactly $0.00 in my cereal budget.

I think maybe we have a box in some cabinet but it's so old it's time to throw it out, maybe the birds will eat it.

I know what I can do with it, throw the contents to the birds, shred the box, pour milk over it and eat the box, same nutritional value.

[The Duke]

You mean the competitive market place we have today? The one skewed by tax breaks, farm subsidies for corporate farmers, government support of bulk transport systems, futures market manipulation through automated bid spiking, . . . That competitive market?

Every business person I know has to struggle and compete. And that competition drives our prices down (unfortunately!)

Sure, our capitalist system is not free of distortion and corruption, but I still trust it 100x more than some centrally-planned economy.

[dfwgator]

Sure, our capitalist system is not free of distortion and corruption, but I still trust it 100x more than some centrally-planned economy.

Our economy is becoming more centrally-planned by the day.

[Quiller]

Sure, our capitalist system is not free of distortion and corruption, but I still trust it 100x more than some centrally-planned economy.

Concur.

I just have to wonder how what the market would look like if it was truly competitive, not manipulated by a 'benevolent' government.

[The Duke]

Concur. I just have to wonder how what the market would look like if it was truly competitive, not manipulated by a 'benevolent' government.

To most of us Freepers it would pretty much be like Heaven.

Unfortunately we've been far too tolerant of the 'bad guys' for far too long, and as a result Heaven is now far, far away.

[Nachum]

Thanks JJ

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/

[Munz]

if anyone is interested there is a site called
http://inflation.us/

they have video and articles that have been warning about rising prices on food for a while.
They have been very precise on their predictions and sadly very correct.

[FromLori]

Thank you great info.