February 29th 2024.
It seems that Americans are spending more money on groceries than they have in the past 30 years. However, Kellogg's CEO, Gary Pilnick, believes he has the perfect solution to this problem - just have cereal for dinner! Pilnick recently made an appearance on CNBC's "Squawk on the Street" to discuss why he thinks cereal for dinner is becoming a popular trend, especially with the current trend of slowing inflation.
According to Pilnick, cereal has always been an affordable option for consumers, making it a great choice for families who are feeling the financial strain. He explains, "When families are under pressure, cereal tends to be a much more affordable option compared to other meal choices." In fact, Pilnick estimates that a bowl of cereal with milk and fruit costs less than a dollar. However, he does acknowledge that this does not include the cost of buying a box of cereal, a gallon of milk, and a piece of fruit.
During the interview, CNBC's Carl Quintanilla raises a valid concern that Pilnick's comments about cereal for dinner could be perceived negatively. But Pilnick is quick to reassure him, saying, "We don't think so. Actually, it's been received really well." He goes on to share that more and more people are embracing cereal as a dinner option, and Kellogg's is even promoting it as an alternative for families on a budget.
In fact, Pilnick shares data from Kellogg's that shows cereal is the top choice for breakfast and about 25% of cereal consumption happens at other times of the day, such as for dinner or a snack. He believes that cereal for dinner is a growing trend, especially for those who are feeling the financial pressures of the current economy.
Pilnick's statements seem to align with Kellogg's new tagline, "Give chicken the night off," which was introduced in 2022. A press release from the company outlined their alternative for shoppers facing inflation - have breakfast for dinner with their popular cereals such as Corn Flakes, Froot Loops, Frosted Mini Wheats, and Raisin Bran.
Unfortunately, Pilnick's comments were met with criticism on social media after a clip of the interview surfaced online. One user wrote, "This is so dystopian... America is falling so fast." While another added, "This just confirms my belief that Kellogg is an evil company, if they weren't already."
According to 2023 data from the U.S. Department of Agriculture, the cost of fats and oils, sugar and sweets, and cereals and bakery products have all seen a significant increase, with pork being the only category to see a decline. It seems that Pilnick's suggestion to have cereal for dinner may not be as budget-friendly as he claims, but it remains to be seen if this trend will continue as inflation continues to be a major concern for many Americans.
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