Press Releases
Relying on Price Hikes, General Mills Rakes in Millions
Price Gouging Remains Magically Malicious
WASHINGTON, DC — After a series of price hikes last year, food giant General Mills posted $670.1 million in Q3 FY 2024 earnings today, up from $553.1 million in the same period last year. Today’s report comes on the heels of February’s Consumer Price Index report, which showed that cooling inflation was stilted by stubbornly high food prices, and as 3-in-5 Americans agree that corporate profiteering is a major driver of higher costs. General Mills—which was highlighted in a 2023 Accountable.US report showing staggering price hikes and sky-high profits in the food-at-home industry—currently accounts for nearly 28 percent of breakfast cereal sales.
Americans can’t even buy breakfast cereal without facing the consequences of corporate profiteering. As General Mills posts massive profits, it’s painfully obvious that the food giant’s price hikes were motivated by their greed. Price gouging remains magically malicious and the industry seems unconcerned that their Scrooge-like practices have left many American families food insecure. It's time for Congress to help the Biden administration lower costs by cracking down on this kind of gross profiteering.”
