ConAgra cuts outlook as inflation outpaces its price hikes

By MICHELLE CHAPMAN
AP Business Writer

ConAgra is cutting its outlook for the year with inflation outpacing the price hikes put into place by the major food producer. The cost of goods increased 10.1%. during the quarter and the Chicago company said it expects full-year gross inflation to be approximately 16% compared with its previous guidance of 14%. The maker of Birds Eye, Slim Jim and Reddi-wip said another round of prices increases will be needed. Shares slipped about 1% Thursday at the opening bell.