General Mills faces big inflation hit

Food company General Mills is projecting a big hit from inflation this year.

During an investor call, company officials said inflation is running at 7% this year.

"While I don't want to get too specific at the segment level, what I will tell you is all of our segments are experiencing higher inflation," said Chief Financial Officer Kofi Bruce.

CNBC reports higher prices and less contents in packages, both popular means of managing inflation, could be on the way.

Read more from CNBC.