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 will be needed. Shares slipped about 1% Thursday at the opening bell.
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